If supply is elastic and there is an increase in demand, then there will be a Select one: O Small increase in price and a large increase in quantity Small increase in both price and quantity O Large increase in both price and quantity Large increase in price and a small increase in quantityDiscretionary purchases that are not essential, like buying a second cup of coffee in the afternoon, will most likely have a Select one: O Low price elasticity and a flat demand curve High price elasticity and a flat demand curve O High price elasticity and a steep demand curve O Low price elasticity and a steep demand curveA government tries to tax markets with relatively inelastic demand and/or supply because this Select one: O Minimises the tax revenue and maximises the deadweight loss of the tax Minimises the impact on producers O Minimises the impact on consumers O Maximises the tax revenue and minimises the deadweight loss of the taxFood is essential and therefore will have a Select one: O High price elasticity and a flat demand curve O Low price elasticity and a flat demand curve O High price elasticity and a steep demand curve O Low price elasticity and a steep demand curve