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Elasticity of supply refers to the degree of responsiveness of supply...

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Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its

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Correct Answer: Option B
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its Price. Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. It is also defined as the percentage change in quantity supplied divided by percentage change in price.
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