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Elasticity of Supply

Basic Definitions: Supply

QuestionAnswer
change in quantity supplied This is an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price.
change in supply This occurs when something prompts producers to offer different amounts at the same price as before.
labor productivity This is the amount of goods and services that a person can produce in a given time.
elasticity of supply A price change that leads to a relatively large increase or decrease in the quantity supplied.
inelastic supply A change in price that leads to a relatively small increase or decrease in quantity supplied.
Created by: ndsamson