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 ▸

Are living standards always lower in developing countries than developed countries?


How do barriers to entry help monopolies maintain power?


What is price elasticity of demand?


Explain what a balance of trade deficit is