Demand for agricultural products tend to be

Name: Demand for agricultural products tend to be
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Agricultural products tend to be relatively price inelastic because they are considered essential goods and have limited substitutes. In other words, even if the price of agricultural products increases, consumers will still need to purchase them, resulting in a relatively small change in the quantity demanded. This is especially true for staple crops such as rice and wheat.

Demand for Agricultural Products Tend to Be