Consumers today spend less on food than they did in 1950 because demand for food is highly elastic.

Name: Consumers today spend less on food than they did in 1950 because demand for food is highly elastic.
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Question

Quizplus · Accepted Answer

Demand for food is generally inelastic, meaning that consumers' spending on food does not significantly decrease even if prices rise. Changes in spending patterns over time are influenced by various factors, including income levels, food prices, and economic conditions, not just demand elasticity.

Consumers Today Spend Less on Food Than They Did in 1950