This concept is known as elasticity of supply. It is important for consumers who need a product and are concerned with potential scarcity. Real-World Examples of Elastic Goods Typically ...

Goods and services can be either elastic or inelastic. Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is ...

If the drug will save a life, then most people will demand it regardless of a change in the price. Perfect price elasticity is when demand moves infinitely given a price change, with an example ...

Inelastic demand is the opposite of elastic demand (when ... regardless of any price changes. Perfectly inelastic demand occurs rarely in the real world. Close examples might include rare ...