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13 September, 23:50

During this Pandemic, find a product/service that reflects inelastic demand.

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  1. 14 September, 00:08
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    Examples of inelastic demand

    Petrol - those with cars will need to buy petrol to get to work.

    Cigarettes - People who smoke become addicted so willing to pay a higher price.

    Salt - no close substitutes.

    Chocolate - no close substitutes.

    Goods where firms have monopoly power.
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