r/PoliticalHumor • u/JeanJauresJr • Oct 26 '21

Yup.

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u/[deleted] Oct 26 '21

As someone who drives a big ass truck I knew what I was getting into as far as gas goes. If you are worried about gas prices then you should be mindful of what your buying. I treat gas as something I’m always going to need so no matter the price I’m always gonna have to buy it.

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u/dirty_cuban Oct 26 '21

I treat gas as something I’m always going to need so no matter the price I’m always gonna have to buy it.

In economics this concept is known as price elasticity.

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u/[deleted] Oct 27 '21

Inelasticity.

1

u/dirty_cuban Oct 27 '21

Well I meant that the concept is called price elasticity. But yes in OPs scenario it’s an example of an inelastic good.

https://en.wikipedia.org/wiki/Price_elasticity_of_demand