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Pepsi is considered an elastic good because its demand is sensitive to changes in price. When the price of Pepsi increases, consumers may switch to alternatives like Coca-Cola or other beverages, resulting in a significant drop in quantity demanded. Similarly, if the price decreases, consumers may buy more Pepsi instead of other drinks. This price sensitivity is characteristic of many non-essential consumer goods.

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4d ago

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What good has a perfectly elastic market?

No good is perfectly elastic: if it were, any raise in price would cause exactly zero units of the good to be demanded, and any drop in price would cause infinite units of the good to be demanded, which is not possible. Some goods are very elastic, however, like goods with close substitutes (Pepsi and Coke are good examples).


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