13-9c The more diverse an economy, the less likely it is that any good remains truly inelastic

Inelastic goods are those that people will buy regardless of the price. A unitary value scale means all goods are compared—goods become more substitutable with money, to some degree. The more diverse an economy, the less likely it is that any good remains truly inelastic.

“There is a tendency for the demands for the various consumers’ goods to become more elastic.”

Next:

• 13-9d Elastic goods prefer price decrease, and vice versa for inelastic goods whose demand curve is steeper, under the assumption of constant demand schedules

Related:

• 13-9a All goods are somewhat substitutable for one another thanks to money
• 13-1a3a2d The more extended the market, the more will exchange-values (as compared to direct use-values) predominate in the decisions of the producer