There are no examples of perfectly inelastic goods. If there were, that means producers and suppliers would be able to charge whatever they felt like and consumers would still need to buy them.

For example, if a 1 percent price increase leads to a decrease in demand of 2 percent, ... The other extreme is a vertical demand curve that indicates an item is perfectly inelastic.

Goods and services can be either elastic or inelastic. Elastic means the product is considered more sensitive to price changes—luxury goods and non-necessary items fall into this category.

F or example, maybe you hated the direction of Michael Pitt as Mason Verger in the TV show Hannibal. The performance felt more appropriate for the campiness of Gotham than a crime drama like Hannibal.

One example of this forecasting of behavior that economists attempt is the price elasticity of demand. ... Perfectly inelastic demand means that demand remains constant regardless of price.