The inelasticity of demand is a term referring to how there will always be consumer demand. While this economic necessity will always be present, it doesn’t mean that it won’t change. Recently, consumers have begun demanding better food labels in their grocery store aisles. As such, Californians will be voting on whether to pass or reject Proposition 37, which, among other things, will force companies that offer genetically modified ingredients to say so on their custom labels.
But, according to a press release from the group No on Prop. 37, the new law could cause grocery bills for many California families to increase by $400 a year. Furthermore, the bill could potentially ban the sales of thousands of products deemed as safe by the United States Food and Drug Administration (FDA) and puts many retailers and producers at risk of damaging shakedown lawsuits.
But, despite the heavy opposition from many legal authorities, more than 350 chefs have publicly sided with the proposition, according to the San Francisco Gate. Major cooks and restaurateurs, such as Alice Water, Mario Batali, Jacques Pepin, Charles Phan, Cat Cora and Joyce Goldstein have each signed a petition pledging their support for the legislation.
“Fifty countries around the world – representing more than 40 percent of the world’s population – already require GMO labeling,” reads the chefs’ collaborative petition. “We are adding our collective voices to the movement.”
In order to prep for any label changing legislation, producers and retailers that sell in California may want to invest in a Primera LX900 color label printer. This will allow businesses the ability to change their custom labels quickly and efficiently to comply with new demands while also remaining cost-effective.