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 is the impact of an increase in interest rates?
What is the difference between the terms elastic and inelastic and how do they relate to demand?
Evaluate the impact of a fall in the price of oil on the market for diesel cars
Explain price elasticity of demand