this post was submitted on 07 Jun 2024
1119 points (98.6% liked)
Microblog Memes
5778 readers
2455 users here now
A place to share screenshots of Microblog posts, whether from Mastodon, tumblr, ~~Twitter~~ X, KBin, Threads or elsewhere.
Created as an evolution of White People Twitter and other tweet-capture subreddits.
Rules:
- Please put at least one word relevant to the post in the post title.
- Be nice.
- No advertising, brand promotion or guerilla marketing.
- Posters are encouraged to link to the toot or tweet etc in the description of posts.
Related communities:
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Exactly! In economics there's a concept called price elasticity (Incorporating two related principles, elasticity of supply and elasticity of demand).
Elasticity of demand is the more relevant one here. Products with elastic demand are those that consumers are quicker to change their buying habits around. For instance, luxury items. Products with inelastic demand are generally actual necessities (like groceries), where you're gonna have to buy them one way or another. You can look to alternate suppliers with better prices, but when they're all gouging you have no choice but to buy from one of them.
In the long run this can indirectly be forced to change. If it gets bad enough that people en-mass started growing their own food at home, this could cause the suppliers to reconsider their prices. (I know that's a far-fetched example. I'm just using it to broadly illustrate my point.)