what does this graph suggest about green tea? choose two answers. green tea is elastic in terms of supply…
what does this graph suggest about green tea? choose two answers. green tea is elastic in terms of supply. green tea is inelastic in terms of supply. green tea is neither elastic nor inelastic. the supply of green tea changes sharply with the price. 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. In the graph, as price changes, quantity supplied changes sharply. Inelastic supply means little change in quantity supplied with price change. Since the graph shows a noticeable change in quantity supplied with price, green tea is elastic in supply and quantity supplied changes sharply with price.
Answer:
Green tea is elastic in terms of supply. The supply of green tea changes sharply with the price.