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 PPF curve and what would cause it to shift?


What is an easy way to remember the effects of the exchange rate on imports and exports?


What are causes of globalisation?


What is the law of demand?