I am thinking about "What is a specific, "real-life", example of a (just one!) specific business firm in the United States today that likely faces a relatively price elastic demand?"

One real life example of a firm in the United States facing a relatively price elastic demand is Marlboro. Marlboro is a tobacco company whose main objective is to sell tobacco products to the American people. The good I will be using for this example is Marlboro 100's a type of cigarette that is sold by Marlboro. The demand for this product is very much inelastic due to tobacco products being so addictive.

For example, if Marlboro decides to change the price of Marlboro 100's from 8 dollars a pack to let's say 11 dollars a pack, you expect the consumer to find an alternative to substitute in light of the price change. However, the chemical in cigarettes being nicotine is a very addictive chemical that cigarette smokers rely on. Therefore, this product is inelastic because consumers need this product and there isn't any substitutes for the product being offered. So, all in all, Being that the nature of the product is very addictive, Consumers have no choice but to pay the up-charge making the product Marlboro 100's very inelastic in the price elastic demand scale.

In response to this question,

I want you demonstrateyour own understandingof the typical determinants of theprice elasticity of demand