ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Grocery Items . . means Ffood and foodstuffs, green groceries, beverages and household goods usually prepackaged or measured into quantities for household use from containers made for retail grocery or baking sales and not generally suitable for immediate consumption by the purchaser.

Detailed explanation-2: -Inelastic products are usually necessities without acceptable substitutes. The most common goods with inelastic demand are utilities, prescription drugs, and tobacco products. Businesses offering such products maintain greater flexibility with prices because demand remains constant even if prices increase or decrease.

Detailed explanation-3: -Normal goods can include products such as name-brand products and personal vehicles, while inferior goods may include canned foods and public transit options.