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Correct, because Econ 101 is based on an idealized economy that doesn't match the real world.
by MereInterest 4y ago
Correct, because Econ 101 is based on an idealized economy that doesn't match the real world.
- SantalBlush 4y agoThat's why you take Econ 102, which is an intro microeconomics course. It covers the different market types, like competitive, monopolistically competitive, duopolistic, and monopolistic, and it covers the concepts of positive and negative externalities, market failures, etc. A lot of people here are acting like these are foreign concepts to an econ curriculum, when they're completely rudimentary. It's just ignorance.
- MereInterest 4y agoIt sounds like we're in agreement. From the GP's comment, which I was attempting to support, "[Supply and demand are] hardly true in the real world where there are cartels, monopolies, and other incentives to keep prices high even if there's supply."