what does this graph suggest about green tea? choose two answers.\ngreen tea is elastic in terms of…
what does this graph suggest about green tea? choose two answers.\ngreen tea is elastic in terms of supply.\ngreen tea is inelastic in terms of supply.\ngreen tea is neither elastic nor inelastic.\nthe supply of green tea changes sharply with the price.\nthe quantity supplied of green tea does not change sharply with the price.
Answer
Brief Explanations:
Elastic supply means that the quantity supplied changes significantly in response to price changes. In the graph, as the price changes, the quantity supplied of green - tea changes sharply. This indicates elastic supply. Inelastic supply would mean little change in quantity supplied with price changes.
Answer:
Green tea is elastic in terms of supply. The supply of green tea changes sharply with the price.