What is the term for the measure of responsiveness of quantity supplied to changes in price?

The measure of responsiveness of quantity supplied to changes in price is known as the price elasticity of supply. This concept quantifies how much the quantity supplied of a good or service changes in response to a change in its price. When the price of a product increases, suppliers are often incentivized to produce more of that product, and the price elasticity of supply allows us to understand the extent of this change.

Higher elasticity indicates that suppliers can adjust their production quickly in response to price changes, while lower elasticity suggests that production adjustments are slow or difficult. This concept is crucial for understanding how markets react to price changes and is essential in areas such as price setting, taxation, and market interventions.

The other options refer to different elasticity concepts. Price elasticity of demand measures how quantity demanded changes in response to price changes, while income elasticity of supply is concerned with how quantity supplied changes in response to changes in consumer income. Market supply elasticity, though related, is a less commonly used term and lacks the formal definition and application that price elasticity of supply has in economics.