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प्रश्न
What are the factors governing the elasticity of supply?
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उत्तर
- Nature of the commodity: elasticity of supply of durable goods is high but perishables have a low elasticity of supply.
- Cost of production: Under constant or increasing returns the elasticity of supply is greater, under diminishing returns elasticity is less.
- Technical condition In large-scale production, supply cannot be adjusted easily. So elasticity of supply is lesser and vice versa.
- Time factor: During a very short period, supply cannot be adjusted. In a short period, variable factors can be changed so elasticity is more and in a long period, supply is highly elastic.
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संबंधित प्रश्न
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What is the relationship between price and quantity supplied described by the Law of Supply?
Which of the following is an exception to the Law of Supply?
What does the supply curve typically look like according to the Law of Supply?
