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.
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.