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15. When a new iPhone comes out it influences the elasticity of supply. People still want the new iPhone even if it's really expensive. It's very inelastic. But it can also be very elastic because when the price increases some people won't buy it.

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15. When a new iPhone comes out it influences the elasticity of supply. People still want the new iPhone even if it's really expensive. It's very inelastic. But it can also be very elastic because when the price increases some people won't buy it.

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14. Something I would really like to have is a Ferrari They are very expensive. Quantity supplied changes very little when price changes. Since people want fast cars, they'll still buy the car even though they're very expensive. 

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14. Something I would really like to have is a Ferrari They are very expensive. Quantity supplied changes very little when price changes. Since people want fast cars, they'll still buy the car even though they're very expensive. 

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13. A recent example of elastic supply...When Walmart had a sale on Black Friday, people were rushing in to get good deals and Walmart could keep up the supply with the demand.

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13. A recent example of elastic supply...When Walmart had a sale on Black Friday, people were rushing in to get good deals and Walmart could keep up the supply with the demand.

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12. Something that has increased inelastic demand quality to me is a trip to Florida. Though the price of a trip to Florida changes based on the time of year, I'd still go during a time when the price increases. 

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12. Something that has increased inelastic demand quality to me is a trip to Florida. Though the price of a trip to Florida changes based on the time of year, I'd still go during a time when the price increases. 

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11. A service that has elastic demand is insurance. Quantity demanded changes colossally when price changes. When insurance is overly expensive smart people will switch to a cheaper agency. 

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11. A service that has elastic demand is insurance. Quantity demanded changes colossally when price changes. When insurance is overly expensive smart people will switch to a cheaper agency. 

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10. A good that has elastic demand are groceries. Quantity demanded changes greatly when price changes. When groceries are more expensive, my mom doesn't want to pay for them. But, when they are on sale, she fills up like 3 shopping carts full of that stuff. 

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10. A good that has elastic demand are groceries. Quantity demanded changes greatly when price changes. When groceries are more expensive, my mom doesn't want to pay for them. But, when they are on sale, she fills up like 3 shopping carts full of that stuff. 

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9. A service that is inelastic are hospitals. Quantity demanded changes very little when price changes. When essential medications or hospital visits increase in price, people are still going to need that medicine or a doctor. 

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9. A service that is inelastic are hospitals. Quantity demanded changes very little when price changes. When essential medications or hospital visits increase in price, people are still going to need that medicine or a doctor. 

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4. I think suppliers will be supplying more medicine in the near future because the price will increase. Medicine is something that is essential and no matter how expensive it is, people will always buy it. 

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4. I think suppliers will be supplying more medicine in the near future because the price will increase. Medicine is something that is essential and no matter how expensive it is, people will always buy it. 

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2. When I didn't have a job, and was without income, I had to budgeted really well. 

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2. When I didn't have a job, and was without income, I had to budgeted really well. 

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3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price. 

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3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price. 

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8. A good with inelastic value would be internet service. Most everyone always needs it so they will always buy it no matter what the price may be. 

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8. A good with inelastic value would be internet service. Most everyone always needs it so they will always buy it no matter what the price may be. 

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7. I have experienced diminishing marginal utility with my childhood toys. I loved them and used them every day when I was young but grew out of it and used it less as I got older.

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7. I have experienced diminishing marginal utility with my childhood toys. I loved them and used them every day when I was young but grew out of it and used it less as I got older.

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6. The profit motive helps reduce the waste of scarce resources. Companies have resources which make them more money every time. If they waste that, it kills profit

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6. The profit motive helps reduce the waste of scarce resources. Companies have resources which make them more money every time. If they waste that, it kills profit

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1. I have purchased t-shirts before and the law of demand does apply. The higher the price of a certain type of t-shirt, the lower the demand for them is.

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1. I have purchased t-shirts before and the law of demand does apply. The higher the price of a certain type of t-shirt, the lower the demand for them is.

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5. Something that represents the cost of production for me are shoes. It takes the producers more time to recreate an expensive shoe so the price is higher. 

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5. Something that represents the cost of production for me are shoes. It takes the producers more time to recreate an expensive shoe so the price is higher. 