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GrogVix [38]
3 years ago
14

The main determinant of elasticity of supply is the: A. number of close substitutes for the product available to consumers. B. a

mount of time the producer has to adjust inputs in response to a price change. C. urgency of consumer wants for the product. number of uses for the product.
Business
1 answer:
AlexFokin [52]3 years ago
8 0

Answer:

B. amount of time the producer has to adjust inputs in response to a price change.

Explanation:

  • When talking about elasticity of supply, we are refering to the sensibility of quantity produced when price changes.
  • If <u>price increases, producers have an incentive to increase the quantity they offer</u>. This will be <u>conditioned by the productive process they face</u>.
  • If it  is relatively easy to increase output when facing an increase in prices  elasticity of supply would be relatevely high.
  • If it is relatively difficult or slow to increase output (think about real assets for example, their production takes more time than produceing candies), facing an increase in prices would not inmediately increase offered quantities. In this case elasticity of supply would be relatively low.
  • Then, the amount of time represents a crucial aspect when thinking about how supply can change when prices changes, conditioning the value of elasticity of supply.
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Answer:

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L.L. Bean empowered its employees to make independent decisions that ultimately have financial consequences so as to save time needed to consult superior authorities for directions.

Explanation:

In the course of business, some customers might have needs and inquiries that have to be responded to on the spot so that they do not lose their patience and move to other competitors.

When an organization empowers its employees to make independent decisions that might affect the company financially, it is in a bid to serve the customers better by saving their time. This also instills trust and confidence in the company because the employees are knowledgeable of their services.

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