What is measured by the price elasticity of supply?
A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods.
B) The price elasticity of supply measures how responsive producers are to changes in income.
C) The price elasticity of supply measures how responsive producers are to changes in the price of a product.
D) The price elasticity of supply is a measure of the slope of the supply curve.
E) The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product.
C
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The government (G) category of gross domestic product (GDP) excludes welfare and other transfer payments
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