1.6. Price elasticity is not just a technical economic concept. It also reflects the distribution of economic power—the bargaining power and economic opportunities of buyers and sellers.

a. When suppliers (for example, landlords or energy companies) hold disproportionate power over buyers, or consumers (for example, employers in low-wage labor markets) hold disproportionate power over sellers, what meaning do elasticities have?

b. Should anything be done about those inequities?