Can you think of any example which doesn’t have exceptionally low elasticity of supply? I can imagine such a situation for goods with no supply elasticity (ie, land, certain kinds of collectors’ items) but not for the vast majority of goods.
I think low elasticity of supply situations are pretty common, and notably it doesn’t have to be completely inelastic the way waterfront land is. For example if your taste in vacation-destination weather is unusual you can usually get cheaper flights. Flight supply isn’t totally inelastic, many flight routes are seasonal or see more service in summer, but it’s nontheless consistently much cheaper to fly between the US and Europe in February than in August.
I think there are also examples around achieving high job security with low effort by happily doing tasks that your coworkers all strongly prefer not to do, and this can happen even if your employer’s demand for those tasks is somewhat elastic. And in homosexual and bisexual dating contexts with complementary preferences (e.g. top vs bottom), if you prefer bottom you are generally better off if more other people prefer top and vice versa, even if there are enough “vers” people that the “supply” in both directions is fairly elastic.
Can you think of any example which doesn’t have exceptionally low elasticity of supply? I can imagine such a situation for goods with no supply elasticity (ie, land, certain kinds of collectors’ items) but not for the vast majority of goods.
I think low elasticity of supply situations are pretty common, and notably it doesn’t have to be completely inelastic the way waterfront land is. For example if your taste in vacation-destination weather is unusual you can usually get cheaper flights. Flight supply isn’t totally inelastic, many flight routes are seasonal or see more service in summer, but it’s nontheless consistently much cheaper to fly between the US and Europe in February than in August.
I think there are also examples around achieving high job security with low effort by happily doing tasks that your coworkers all strongly prefer not to do, and this can happen even if your employer’s demand for those tasks is somewhat elastic. And in homosexual and bisexual dating contexts with complementary preferences (e.g. top vs bottom), if you prefer bottom you are generally better off if more other people prefer top and vice versa, even if there are enough “vers” people that the “supply” in both directions is fairly elastic.