Demand for staples such as dairy products and bread is likely to be both income and price inelastic.

Question

Quizplus · Accepted Answer

Staples such as dairy products and bread are considered to be necessities, and therefore, their demand is likely to be relatively unaffected by changes in price or income. This makes them both income and price inelastic. People will continue to purchase these items even if their income decreases or prices rise, making the demand for these products less sensitive to changes in price or income.

Demand for Staples Such as Dairy Products and Bread Is