list of 10 products that are elastic or inelastic
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Example of elastic goods and services include furniture, motor vehicles, instrument engineering products, professional services, and transportation services. Inelastic goods have fewer substitutes and price change doesn't affect quantity demanded as much. Petrol – petrol has few alternatives because people with a car need to buy petrol. For many driving is a necessity. ...
Salt. ...
A good produced by a monopoly. ...
Tap water. ...
Diamonds. ...
Peak rail tickets. ...
Cigarettes. ...
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