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Talk:Economics Lecture Two (view source)
Revision as of 20:57, February 10, 2013
, 20:57, February 10, 2013→"Supply and demand transcend and are above the views, preferences, and buying habits of any individual or small group of people.": new section
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). [[User:GregG|GregG]] 15:50, 10 February 2013 (EST)
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). [[User:GregG|GregG]] 15:50, 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). [[User:GregG|GregG]] 15:57, 10 February 2013 (EST)