Question

question 1 1 pts
a measure of how suppliers react to a change in prices is known as:
variable
quantity supplied
elasticity of supply
market supply schedule

Explanation:

• A variable is a general measurable factor, not specific to supplier price reactions.
• Quantity supplied refers to the amount of a good sellers offer at a specific price, not the reaction to price changes.
• Elasticity of supply specifically measures the responsiveness of suppliers to changes in the price of a good.
• A market supply schedule is a table showing quantities supplied at different prices, not a measure of reaction.

Answer:

C. Elasticity of supply