state gov TSPSC Group 3 (తెలంగాణ గ్రూప్ 3) 2023 Mock Test Series General Knowledge Economy Microeconomics
Consider the following statements regarding the Price Elasticity of Supply:
1. It measures the responsiveness of quantity supplied to changes in the price of the good
2. When the supply curve is vertical, the elasticity of supply is zero
3. Price Elasticity of demand and the price elasticity of supply are independent of units.
Which of the above statements are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2 and 3