Supply elasticity measures how much the quantity supplied of a good changes in response to a change in its price. If a small price increase leads to a large increase in the quantity supplied, the supply is considered elastic. Conversely, if the quantity supplied changes little with a price change, it is inelastic. This concept helps businesses and policymakers understand how responsive producers are to market conditions. Factors affecting supply elasticity include the availability of resources, production time, and the nature of the product. For example, agricultural products often have more elastic supply because farmers can adjust their output based on market prices. In contrast, manufactured goods may have inelastic supply due to longer production processes and fixed resources.