Yes, but once you progress beyond demand elasticity and possibility frontiers, you learn about how externalities and marketing distort the tidy micro/macroeconomic theories.

“Perfect information” and “rational self interest” are the two biggest inbuilt crutches to economic theory, and capitalism evolves its profit-taking modalities daily. If marketing can convince consumers that an objectively inferior brand is equal or better to the competition, then the price inelasticity raises dramatically