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When the COVID-19 pandemic hit Texas around March, 2020, the price of hand sanitizer doubled - even as stores could not keep this product on
When the COVID-19 pandemic hit Texas around March, 2020, the price of hand sanitizer doubled - even as stores could not keep this product on the shelves. In the long run of 6 - 9 months, is the demand for hand sanitizer elastic or inelastic? What factors are important to determine if demand is elastic or inelastic? (Hint: Consider another question - were the high prices for hand sanitizer sustainable?)
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