Question

Describe the effects of price rise.

Answer 1

A variety of forces contribute to rising food prices: high energy prices, increased income, climate change and the increased production of biofuel. Income and per capita consumption in developing countries has increased; consequently, demand has also risen.

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Answer 2

Answer:

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• A rise in inflation is likely to mean a rise in the cost of raw materials. Also, workers are likely to demand higher wages to cope with the higher cost of living. This rise in prices can also cause greater volatility and uncertainty.✔️

• A variety of forces contribute to rising food prices: high energy prices, increased income, climate change and the increased production of biofuel. Income and per capita consumption in developing countries has increased; consequently, demand has also risen.✔️

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