Explain why the demand for food is relatively price inelastic
Food is a nessecity, there will always be demand for food. There are no substitutes and therefore, a change in price will not cause a change in demand. Thus the market is relatively price inelastic with a near vertical demand curve.
DB
Related Economics GCSE answers
All answers ▸What are the characteristics of an oligopoly?
Explain why a government budget deficit is likely to stimulate economic growth.
With reference to a poverty trap (poverty cycle), explain how “investing in human development is crucial to ... reducing poverty”
How do interest rate changes affect economic growth?