The primary exports of developing nations tend to face demand that is _______ and supply that is _______.

Question

Quizplus · Accepted Answer

The primary exports of developing nations, often raw materials or agricultural products, tend to have inelastic demand because they are necessities with few substitutes. Similarly, their supply is inelastic due to factors like limited production capacity and dependence on natural conditions.

The Primary Exports of Developing Nations Tend to Face Demand