what does this graph suggest about green tea? choose two answers.\n□ green tea is elastic in terms of…
what does this graph suggest about green tea? choose two answers.\n□ green tea is elastic in terms of supply.\n□ green tea is inelastic in terms of supply.\n□ green tea is neither elastic nor inelastic.\n□ the supply of green tea changes sharply with the price.\n□ the quantity supplied of green tea does not change sharply with the price.
Answer
Brief Explanations:
Elastic supply means quantity supplied changes significantly with price changes. In the graph, as price changes, quantity supplied changes a lot. Inelastic supply is the opposite. Since the supply - quantity changes sharply with price, green tea is elastic in terms of supply.
Answer:
Green tea is elastic in terms of supply. The supply of green tea changes sharply with the price.