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10 questions from this quiz
How responsive producers are to price changes
% change in quantity supplied% change in price\frac{\% \text{ change in quantity supplied}}{\% \text{ change in price}}% change in price% change in quantity supplied
1.0
Suppliers can easily change production levels
Difficult to quickly adjust production levels
More inelastic supply
Makes supply more elastic
Can respond quickly without increasing production
Time period
Easier to switch machinery to different products
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