Final answer:
The extent of a change in quantity supplied due to a change in market price is measured by the price elasticity of supply, which is calculated as the percentage change in quantity supplied divided by the percentage change in price.
Step-by-step explanation:
The extent of a change in quantity supplied because of a change in the market price of a product is known as the price elasticity of supply. This dimension is a ratio that measures how much the quantity supplied of a good or service responds to a change in its price. A higher elasticity indicates that the quantity supplied is more responsive to price changes, while a lower elasticity means it’s less responsive. Specifically, the price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.