The Market's Fine Print

Mom Sometimes Likes Inelastic Demand Best

Overhearing Tommie Smothers nagging his brother Dick about how "Mom always liked you best," "Demand," might give an eye roll in the direction of competitive sibling "Supply" and groan, "Tell me about it." (Photo by Erik Schultz, CCA SA3)
Supply has always been Mom's favorite child in the supply and demand economic model of price determination in the livestock market. But for now, Mom needs to stop playing favorites and embrace the son who promises to preserve record retail prices: Inelastic...

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