https://www.cnn.com/2023/06/09/economy/us-inflation-high-prices-consumer-demand/index.html
That means a business can essentially set prices as high as it wants, as long as they aren’t so high that they drive away the customer base. In other words, it’s Econ 101: Good, old-fashioned supply and demand.
:AmISoOutOfTouchmeme: Could it be greed? No, it's the customers fault.
I'm feeling like by now the journalists have had time to discover econ 102 but nope :blob-no-thoughts:
What do you mean inelastic demand, we never covered that
Wait til they hear about market failures!
The sad thing is that they're not even on econ 101. They're looking at a picture of the textbook cover for a middle school math textbook and assuming they've aced university level econ 101 and the 201 class as well from that alone.
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