Question: Select a product that has recently undergone a price change. Discuss how this price change affects the economy in the short and long term, contrasting

Select a product that has recently undergone a price change. Discuss how this price change affects the economy in the short and long term, contrasting the economic effects between the two time frames. Determine whether the demand for this product is inelastic or elastic in the short and long term, and explain your reasoning.

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