Elasticity of Supply. Elasticity of supply. How responsive is supply to a change in price? Will supply change a lot when prices change or a little? Can you guess what it is called when supply changes greatly with price? When supply changes a little with price?. Elasticity of supply
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big change little change
in supply in supply
When you CAN NOT change supply!!
Producers would like to make more available, but it is not possible.
EX – seats on an airplane