Back in school when I took economics 101 we would draw these curves showing that if you raise the price you don’t sell as much. In real life I’ve been surprised how rarely this seems to be true. In fact I’ve observed far too many cases where the price goes up and you sell more. Even more common are the cases where the lines are practically flat. I.e. the effect is very weak.
For example much is being made of the fact that miles driven has dropped by 3.7%. The price of gas doubled! Up +100%, down -3.7%
Now some of this is lag. So presumably there is a lot more pent up in the system as people adapt. But you’d think, wouldn’t you?