I am looking for a real life example of perfect elasticity of demand. The closest example I can come up with for
perfect inelastic demand is life saving medications. The price can go up up up, but those in need of life saving medication demanding treatment will stay the same (from a perfect world economic standpoint). However, what about elastic demand?
There are various examples for Perfectly elastic demand at a producer/consumer level. This applies easlity to exact... View the full answer