Inelasticity in real life ~ Subscribe Now that you understand supply and demand and markets, let's put that knowledge to the test. Please listen to the podcast "A Former Crack Kingpin On The Economics Of Illegal Drugs" https://www.npr.org/sections/money/2011/05/05/135991890/a-former-crack-kingpin-on-the- economics-of-illegal-drugs this is a 4 minute podcast. We go out on the streets of Los Angeles to learn about the crack cocaine trade from a man who learned economics the hard way: Freeway Ricky Ross. Freeway Rick became the equivalent of a CEO in the drug business, mastering the art of pricing and competitive advantage...First, find a product with no substitutes where you have control over the price (due to inelastic demand). Second, keep out competitors. Freeway Rick used guns, but lawyers and lobbyists are just as effective at creating a barrier to market entry. Here is the question for you: What are some other products with inelastic prices? And why does that product have that sort of demand? Are there no substitutes or has a business just figured out how to reduce competition