The following items determine whether a good a service has elastive demand:
C. Availability of substitutes for a good or service
A. If the good is a necessity of luxury.
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Answer:
Oil
Explanation:
The Middle East region is most famously known for its oil, which is traded internationally.
The Middle East is a region that goes from Egypt (West) to Iran (East) and from Turkey (North) to Yemen (South).
That region hold a large part of the world's reserves of oil and is mostly controlled by Royal families in non-democratic systems.
The oil made those countries extremely rich, since the other countries are buying this oil at a good price.
