Question

The measure of the way quantity supplied reacts to a change in price is

(1) Quantity supplied.
(2) Supply.
(3) Consumer demand.
(4) Elasticity of supply.

Answer 1

The measure of the way quantity supplied reacts to a change in price is the Elasticity of Supply.

Step-by-step explanation:

The measure of the way quantity supplied reacts to a change in price is the Elasticity of Supply. Price elasticity measures the responsiveness of the quantity supplied of a good to a change in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price.