President Biden has begun to accuse stores of overcharging shoppers, as food costs remain a burden for consumers and a political problem for the president.
Products don’t become more scarce when fewer competitors exist in the market, but it nevertheless causes prices to rise. Not all price changes are signals for increased production and the market is rarely the ideal frictionless exchange that can respond to rising prices as presented in intro economics books.
Products don’t become more scarce when fewer competitors exist in the market, but it nevertheless causes prices to rise. Not all price changes are signals for increased production and the market is rarely the ideal frictionless exchange that can respond to rising prices as presented in intro economics books.