What is the best definition of elasticity in economics?
O Elasticity of supply measures how the amount of a good changes when the producer hires more employees.
O Elasticity of supply measures how the amount of a good changes when the producer uses new materials.
O Elasticity of demand measures how the amount of a good changes when its price goes up or down.
O Elasticity of demand measures how the amount of a good changes when its distribution expands.
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