If the supply of a good is elastic, which statement is true? a. the producer is experiencing diminishing marginal returns. b. the producer will increase the amount being produced if the price rises. c. the producer will increase the amount being produced if the price falls. d. the producer is enjoying increasing marginal returns.

B. The producer will increase the amount being produced if the price rises.

Explanation:

The elasticity of supply measure the rate of the percentage changed in the supplied quantity of a product to the percentage change in its price.Good elasticity of supply depends on how easy to shift resources into the production of that commodity and how the costs of producing the commodity are varying as its production varies.

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