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There's a very concise explanation for why someone would pay $4 for a cappuccino, and it's the one they teach you in Econ 101: it was worth at least $4 to the b
by bradleybuda 6y ago
There's a very concise explanation for why someone would pay $4 for a cappuccino, and it's the one they teach you in Econ 101: it was worth at least $4 to the buyer, and it couldn't be found more cheaply from a similar (location, quality, convenience) seller.
- dwaltrip 6y agoSure. But that still isn’t terribly satisfactory. Why is it the case that there aren’t buyers and sellers at other prices? I don’t think we can concisely and accurately answer that.