The demand for most agricultural products tends to be
A)both price and income elastic
B)both price and income inelastic
C)price inelastic and income elastic
D)price elastic and income inelastic
E)unit elastic in terms of price elasticity and income elastic

Question

Quizplus · Accepted Answer

Agricultural products generally have inelastic demand because they are necessities, meaning consumers will buy them regardless of price changes. Additionally, they are income inelastic because changes in income do not significantly affect the quantity demanded.

The Demand for Most Agricultural Products Tends to Be