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This is a really weird and frankly naive take IMO, especially after what we witnessed during the pandemic. The demand for some goods is not affected by their pr
by lpapez 5y ago
This is a really weird and frankly naive take IMO, especially after what we witnessed during the pandemic. The demand for some goods is not affected by their price, and such goods have a name that you can hear in any Economics 101 class - "inelastic goods".
- WalterBright 5y agoI hear all the time that prices for certain goods are inelastic - particularly for gas and housing and medical care. But events always show it most definitely is elastic.