In economics, what is the responsiveness of quantity supplied to a change in price called?

In economics, the responsiveness of quantity supplied to a change in price is called price elasticity of supply.

Price elasticity of supply measures the percentage change in quantity supplied divided by the percentage change in price. Supply is elastic when producers change output proportionally more than price changes, and inelastic when output changes proportionally less. The measure is generally positive in the usual upward-sloping supply relationship.

Time is a major influence. Firms may have limited capacity in the short run, making supply relatively inelastic, but they can add factories, hire workers, or change production plans over a longer period. Storage possibilities and the availability of inputs also affect responsiveness.

Price elasticity of supply is different from price elasticity of demand, which measures buyers’ responses. Cross-price elasticity compares demand for one good with the price of another, while income elasticity compares demand with consumer income. Each elasticity answers a different market question.