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Demand for agriculture is inelastic, but I don't think the same of petroleum or financial services. Without travel, demand for petroleum has dropped significan
by pedalpete 6y ago
Demand for agriculture is inelastic, but I don't think the same of petroleum or financial services.
Without travel, demand for petroleum has dropped significantly, to the point it was below 0 for a short time.
Financial services can come to a screeching halt as well if people stop buying on credit or taking loans out on housing and cars. Maybe I'm being short-sighted in only considering the consumer aspect here.