WAEC Economics 2016 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.
Advertisement
11. Price elasticity of supply measures how responsive (a) consumers are to a change in price (b) sellers are to a change in buyers' income (c) sellers are to a change in price (d) buyers are to a change in income
- A. consumers are to a change in price
- B. sellers are to a change in buyers' income
- C. sellers are to a change in priceCorrect
- D. buyers are to a change in income
Explanation
Price elasticity of supply is the degree of responsiveness of quantity supplied to changes in price.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.