Submit Qul This Quiz: 20 pts in Jalisoo and ofher Mesican states Tequila\" The m
ID: 1164382 • Letter: S
Question
Submit Qul This Quiz: 20 pts in Jalisoo and ofher Mesican states Tequila" The million in 2002, to 12.8 milion in 2006, and the downward trend om of agave plantod went from 80 milion in 2000 to 93 Why? the 2000 trough 2004, and then started to pears, but the tequilas, which have been growing in stable. Discuss the sires of the shot-nun and lorg-uplyes of lequila. What do you think the supply elastloity of high quality lequla is? t demand ourve for inexpensive tequila has romained relatively unchanged, is the demand curve relatively elastic or inalastio at the equilbrium? Why? ? e. -ove relasie tease producen are less prion sensive tan consumers. proft in the long un O E. mone inelastio because price cannot immediately affect the supply O A. almoet perflectly inelastic O B. almost perfectly elastic because the price has nemained unchanged O c. almost perfectly inelastic because the price has inoreased O o. anost perfectly easic because te oantity has rernaned unhanged OE. utry e asic because en prce and quarety have ntreharged because the quantity has increased Assuming the demand curve for inexpensive tequila has remained relaively unchanged, the demand ourve for inespensive tequla must b O A nelatively elastic because the drop in quantity is lange OB, relatively elastic because he dop in price is smal O D. relatively inelastic because the dop in quantity is lange ??. relabely ielaste because tedeeinpron-large 5 8 9 2 3 5Explanation / Answer
1. The correct answer is: E)
Reason: it is a true fact that in short run, supply is comparatively more inelastic as producers can't respond immediately to price changes.
2. The correct answer is: B).
Reason: this can be directly inferred from the para above.
3. The correct answer is: E).
Reason: demand is relatively inelastic as a huge change in price has caused minimal change in the quantity demanded.
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