Price elasticity of supply

{
  "id": "MLC-T-ENV-022064",
  "term": "Price elasticity of supply",
  "field": "Environment",
  "definition": "Measures the relationship between changes in quantity supplied of a good and changes in its price. It is measured as the percentage change in quantity supplied that occurs in response to a percentage change in price. For many goods the quantity supplied can be increased over time, for example, by locating alternative sources or investing in an expansion of production capacity. One might therefore expect that the price elasticity of supply will be greater in the long term than the short term for such a good, that is, that supply can adjust to price changes to a greater degree over a longer period of time.",
  "subject": "General environmental",
  "references": [
    "Preparing Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/price-elasticity-of-supply/"
}