Question: Please help me 4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was

Please help me 4. Describe a real or made up but

Please help me

4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why ? (1-3 sentences. 3.0 points) 5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points)

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