Talk:Economics Lecture Two
"Note also that supply and demand do not care who a person is or what his background may be."
The paragraph starting with the above sentence in the lecture overlooks price discrimination, which is an important concept in the theory of the firm (especially monopolies). GregG 15:50, 10 February 2013 (EST)
- Good point, but even price discrimination does not care "who" a person is, or is background. It cares only about what he is willing to pay - i.e., his demand.--Andy Schlafly 16:07, 10 February 2013 (EST)
"Supply and demand transcend and are above the views, preferences, and buying habits of any individual or small group of people."
This is not true for monopoly (single seller of goods) or monopsony (single buyer of goods). For example, the supply of iPads available is completely determined by one person (Apple). GregG 15:57, 10 February 2013 (EST)
- Even a monopolist is constrained by a combination of his goal to maximize profits, and the demand for is good.--Andy Schlafly 16:08, 10 February 2013 (EST)