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 supply of green tea does not change sharply with the price.
Answers 2
The information which can be deduced from this graph on green tea are:
B. Green tea is inelastic in terms of supply.
E. The supply of green tea does not change sharply with the price.
What is supply?
Supply can be defined as the total quantity of goods or services that are demanded by consumers at a given period of time.
The types of supply.
In Economics, there are two main types of supply and these include:
- Elastic supply
- Inelastic supply
What is inelastic supply?
Inelastic supply is a situation that occurs when the quantity of goods or services that the producers are willing to produce, doesn't change as the price of goods or services increases.
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