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It measures how much quantity supplied changes in response to price changes.
A small change in price leads to a lesser change in quantity supplied.
Seats in a sports stadium, fixed regardless of price.
Supply becomes more elastic and responsive as time increases.
Primary commodities have longer production times than manufactured goods.
A change in price results in a proportionally greater change in quantity supplied.
It is horizontal, indicating supply can change without price change.
Time, Rate of cost increase, Inventory, Capacity, Substitute factors.
Time lags exist between price increases and quantity supplied adjustments.
Fast-moving consumer goods that are mass produced.