7
QuizMultiple Select
Profit
Question 7 of 18 • EAP-Economics and Personal Finance B
The graph shows the price of green tea compared to the amount supplied by producers.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
A
Green tea is elastic in terms of supply.B
Green tea is inelastic in terms of supply.C
Green tea is neither elastic nor inelastic.D
The supply of green tea changes sharply with the price.E
The quantity supplied of green tea does not change sharply with the price.