4 ms·
Simple response: The value of a product is set by the consumer, not by the producer. (This is true for over-inflated values as well, so don't bitch.) If the v
by run4yourlives 16y ago
Simple response:
The value of a product is set by the consumer, not by the producer. (This is true for over-inflated values as well, so don't bitch.)
If the value set is too low for the producer, he either has an inflated sense of worth, or isn't doing a good enough job of educating the consumer, or both.
- mfukar 16y agoAnd here I was thinking that it was both demand and supply. Damn you, Adam Smith!
- run4yourlives 16y ago250 years ago, the notion of infinite supply didn't exist. In a vast majority of cases, infinite supply is exactly the world that many producers live in these days, especially on the internet.