Your are right about your last point as in real world there is no such thing as inelastic demand.
Food definitely is not as in that case there will be no need to pour the milk into the river during the Great Depression. Basic medication such NSAID are cheap because there's no patent and can be mass produced and things like Novartis’ Zolgensma is apparently a different story. For electricity, don't get me started with Texas... I agree it probably a problem that is it is not controlled there.
The point is, yes there will be more variables in the real world, but the most basic rules still applies.
Food definitely is not as in that case there will be no need to pour the milk into the river during the Great Depression. Basic medication such NSAID are cheap because there's no patent and can be mass produced and things like Novartis’ Zolgensma is apparently a different story. For electricity, don't get me started with Texas... I agree it probably a problem that is it is not controlled there.
The point is, yes there will be more variables in the real world, but the most basic rules still applies.