Question

The graph shows the price of green tea compared to the amount supplied by producers. A graph titled Supply of Green Tea has quantity supplied on the x-axis, from 0 to 10, and price in dollars on the y-axis, from 0 to 10. A line with positive slope is shown. The line contains 2 points. Point (S 1, P 1) is at (3, 4) and point (S 2, P 2) is at (5, 7). What does this graph suggest about green tea? Check all that apply. 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.

Answer 1

Answer:

b

d

Explanation:

Answer 2

The graph suggestion about green tea is that Green tea is inelastic in terms of supply and The supply of green tea does not change sharply with the price.

• In economics, when a commodity is inelastic, The supply or demand is not that moved (sharply or sensitive) to changes in the price of that commodity (price of green tea)

Conclusively, we can therefore say that the graph suggestion about green tea is that Green tea is inelastic in terms of supply and The supply of green tea does not change sharply with the price.

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