record petrol prices, page-81

"Love the people here who think economic principles and facts are open to interpretation. It's like arguing the result of 1 + 1."

Twenty don't be a dill.

Most goods and services are elastic and only vary in degree.

It would be a rare good or service that was 100% inelasitic.

I am referring to the effect on level of demand per se (ie using more or less) including substitution.

If petrol prices go high enough people will use less as has happened on every prior occassion the price went up (excluding some triffling amount).