Econ 101 types are so insufferable and are often the C+ student in Econ 101.
Supply and demand only works in perfectly competitive markets where all parties have perfect information (literally taught in Econ 101).
Companies know this, and do everything in their power to ensure this doesn’t happen, because any surplus due to assymetries flow to the participant with the advantage (also taught in Econ 101).
Econ 101 types are so insufferable and are often the C+ student in Econ 101.
Supply and demand only works in perfectly competitive markets where all parties have perfect information (literally taught in Econ 101).
Companies know this, and do everything in their power to ensure this doesn’t happen, because any surplus due to assymetries flow to the participant with the advantage (also taught in Econ 101).
More recent greatest hits from ‘Economy Understanders’:
What. Is. A. Tariff?
(Arguably this is taught in MacroEcon beginner course, so like, 201, or 102 depending on how your school does things, but yeah…)