As we've seen, price elasticity of demand is a very important influence on consumer behavior. In the second half of the chapter, we've now looked at the elasticity of supply and how it plays an important role in a number of important issues.

What do you think of the authors' pithy remark that "elasticity = escape." What does this mean? Is it true? Can you think of real-world examples where it holds true?

How about the use of elasticity of supply to evaluate the war on drugs or slave redemption programs? Does it help? Are there other examples of the phenomenon where your enemy becomes stronger the more you strike at him (like Rocky Balboa in the various Rocky movies). Do you see how this is an expression of elasticity of supply?