Question

The main determinant of elasticity of supply is the Multiple Choice number of uses for the product. number of close substitutes for the product available to consumers. amount of time the producer has to adjust inputs in response to a price change. urgency of consumer wants for the product.

Answer 1

The main determinant of the Elasticity of Supply is the availability of close substitutes.

The Elasticity of Supply means the relationship between a commodity and its price. It measures how the company increases or decreases its production based on its change in price.

The major determinant of the Elasticity of Supply is:

1. Nature of the Goods - It takes into account the factor of production, which can easily get transferred.

2. The definition of the commodity-  The narrower the definition the greater the supply of elasticity.

3. Time- It works more in long run than in the short run.

4. Cost of attracting goods- If the related goods are cheaply available, the elasticity of supply is more.

5. Level of Price- It is inversely proportional to the elasticity of supply.

Learn more about Elasticity of Supply here: https://brainly.in/question/6581899?msp_srt_exp=6

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