The demand for food (a broad group)is more:
A) elastic than the demand for beef (specific commodity).
B) inelastic than the demand for beef (specific commodity).
C) sensitive to price changes than the demand for beef.
D) responsive to price changes than the demand for beef.

Question

Quizplus · Accepted Answer

The demand for a broad group of items like food is generally more inelastic than the demand for a specific commodity like beef because consumers have fewer substitutes for the entire category of food compared to a specific item within that category.

The Demand for Food (A Broad Group)is More