What would demand in the short run tend to be if the price of basic food products were to increase significantly?
A) inelastic
B) elastic
C) plastic
D) unstable

Question

Quizplus · Accepted Answer

In the short run, demand for basic food products tends to be inelastic because these are essential goods that people need regardless of price changes. Consumers cannot easily find immediate substitutes for basic food products, so they continue to buy them even at higher prices.

What Would Demand in the Short Run Tend to Be