PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand. See also | elasticity | price elasticity of demand | price | supply curve | law of supply | quantity supplied | elasticity alternatives, supply |
