During the first few weeks of the COVID-19 pandemic in March 2020, the demand for baking flour
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During the first few weeks of the COVID-19 pandemic in March 2020, the demand for baking flour increased sharply as millions of people isolated in their homes. The price of flour skyrocketed, but within a few months the price had returned to normal levels. What does this event tell you about the supply elasticity of flour?
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