Question

it is very difficult to find goods with perfectly elastic or perfectly inelastic demand. we can, however, find goods that lie near these ext near perfectly inelastic.
a. corn grown and harvested by a small farmer in lowa
b. heroin for a drug addict
c. water for a desert hiker
d. one of several optional
near perfectly inelastic demand
near perfectly elastic demand
y elastic demand

Explanation:

Part a: Corn grown and harvested by a small farmer in Iowa

A small Iowa corn farmer operates in a highly competitive market with many similar producers. The corn is a homogeneous product, so if the farmer raises prices, buyers will switch to other sellers' corn. Thus, the demand for this corn is near perfectly elastic.

A drug addict has a very strong need for heroin, and the quantity demanded is relatively unresponsive to price changes (since the addiction drives the need). So the demand for heroin for an addict is near perfectly inelastic.

A desert hiker has an extreme need for water (it's a necessity for survival in that context), and the quantity demanded will not change much with price (they need it to survive). So the demand is near perfectly inelastic.

Answer:

near perfectly elastic demand

Part b: Heroin for a drug addict