Final answer:
The demand curve for milk, as a basic necessity, is relatively inelastic and steeper compared to non-essential items, which means changes in price have a smaller impact on the quantity demanded.
Step-by-step explanation:
A demand curve is a graph that shows the relationship between the price of a good or service and the quantity demanded within a specified time frame. Demand curves can be used to understand the price-quantity relationship for consumers in a particular market, such as corn or soybeans.
The shape of the demand curve for milk, which is considered to be a basic necessity for many consumers, will typically be relatively inelastic. This means that the curve will be steeper when compared to the demand curves for non-essential items. As milk is considered a basic necessity, changes in the price of milk will result in smaller changes in the quantity demanded. This is reflective of the law of demand, where typically, as the price increases, the quantity demanded decreases and vice versa. However, due to the inelastic nature of the demand for milk, the quantity demanded does not decrease significantly when the price increases.