It doesn’t seem consistent to me to say “I’m too small of an actor to affect price, but not to affect quantity sold.”
Thank you for the small education in economics of consideration 2, though. I’ve read the Wikipedia article and found it helpful, although I have further questions. Are there goods that economists think do work like what my friend is describing? Is there a name for goods like this?
Are there goods that economists think do work like what my friend is describing?
Relative to Econ 101 models, that would only happen if supply is perfectly inelastic (i.e., the supply curve is vertical).
Edited to add: …or if demand is perfectly elastic (i.e., the demand curve is horizontal). Given how much people like eating meat, this seems very implausible.
It doesn’t seem consistent to me to say “I’m too small of an actor to affect price, but not to affect quantity sold.”
Thank you for the small education in economics of consideration 2, though. I’ve read the Wikipedia article and found it helpful, although I have further questions. Are there goods that economists think do work like what my friend is describing? Is there a name for goods like this?
Relative to Econ 101 models, that would only happen if supply is perfectly inelastic (i.e., the supply curve is vertical).
Edited to add: …or if demand is perfectly elastic (i.e., the demand curve is horizontal). Given how much people like eating meat, this seems very implausible.