2. Answer each of the following questions (3-4 sentence answers required for each part in order to receive full credit):

1. In words, describe a good that is likely to be inelastic at the market equilibrium. Why? Gasoline is an example, but don’t use that good for your answer.
2. In words, describe a good that is likely to be elastic at the market equilibrium. Why?
3. In words, describe a good that is likely to be unit elastic at the market equilibrium. Why?

Answer rating: 100% (QA)

1 A good that is likely to be inelastic at the market equilibrium is prescription medication for lif... View the full answer