Price elasticity of supply is the responsiveness of a supply of a good or service after a change in its market price. Basic economic theory states that supplies increase when prices rise and drop ...

Sudden demand surges or supply chains snarls will drive prices up quickly. Businesses face two issues when this happens, First, when a price rises sharply, how long will it take for increased ...

Learn More How Do I Differentiate Between Micro and Macro Economics? Which factors determine the elasticity of demand of a good? While numerous factors can affect demand elasticity, there are two ...