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      Question

      Elasticity of supply refers to the degree of

      responsiveness of supply of a commodity to changes in its:
      A Demand Correct Answer Incorrect Answer
      B Price Correct Answer Incorrect Answer
      C Supply Correct Answer Incorrect Answer
      D Cost of production Correct Answer Incorrect Answer
      E State of technology Correct Answer Incorrect Answer

      Solution

      Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity

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