The supply of a good will be more elastic, the a. broader is the definition of the market for the good. b. more the good is considered a luxury. c. longer the time period being considered. d. larger the number of close substitutes for the good.

Larger the number of close substitute for the goods

Explanation:

Elasticity can be defined as the degree to which individuals, consumers or producers change their demand or the amount supplied in response to change in price.

The more substitutes that are available for a given good or service, the higher the elasticity. When a lot of close substitutes are available, consumers can easily move from one good to another even if there is only a little change in price. Conversely, if there are no substitutes are available, demand for a good is inelastic.

D. larger the number of close substitutes for the good.

Explanation: Elasticity is a term used to describe the change of supply or Quantity demanded when there is a slight change in price.

A product which has an elastic supply will respond to a change in price.

WITH A LARGE NUMBER OF CLOSE SUBSTITUTES,A PRODUCT WILL TEND TO HAVE AN ELASTIC SUPPLY, THIS IS BECAUSE IF A CHANGE IN PRICE IS MADE, CONSUMERS WILL GO FOR OTHER CLOSE SUBSTITUTES.

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