The Price Elasticity of Demand for Food Is

question 3

Multiple Choice

The price elasticity of demand for food is

• A)Perfectly inelastic.
• B)Relatively inelastic.
• C)Relatively elastic.

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Definitions:

Utility Level

An assessment of contentment or joy obtained by a customer from using products and services.

Oreos

A brand of popular sandwich cookies consisting of two chocolate wafers with a sweet cream filling.

Ordinary Goods

Products or services whose demand increases when consumer income rises, and falls when consumer income decreases.

Coffee

A brewed drink prepared from roasted coffee beans, which are the seeds of berries from the Coffea plant, and a significant commodity in global trade.