Ha! I have proof.
Posted on | October 3, 2003 |
This is economics at work. It highlights the dynamic nature of markets just through the actions of one large corporation.
The lesson? All-you-can-eat-lobster (i.e. high demand) combined with government quotas on lobster/crab harvesting (i.e. short supply) creates skyrocketing prices. I would draw the diagram, but I think you all are clever enough to get the idea.
Note: Yes. This is somewhat a rant. I’m fully aware. I just can’t see why so many people refuse to ‘believe’ in economics when it is everywhere — real-life examples of markets surround them everyday.
Category: Economics
Comments
One Response to “Ha! I have proof.”
October 6th, 2003 @ 10:16 am
I guess she missed the average… well below!!!