Empirical research indicates that the demand for most agricultural products is
A) unstable
B) unit elastic
C) elastic
D) inelastic

Question

Quizplus · Accepted Answer

The demand for most agricultural products is considered inelastic because the quantity demanded changes very little with a change in price. People need to consume a certain amount of food regardless of price changes, making their demand less sensitive to price.

Empirical Research Indicates That the Demand for Most Agricultural Products