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> more than the market says it's worth. If you control the market, and have a direct way of influencing what the law considers the market, that is by definitio
by bostik 2y ago
> more than the market says it's worth.
If you control the market, and have a direct way of influencing what the law considers the market, that is by definition not a competitive (and/or mostly free) market.
The name for this scenario is known as "Hobson's Choice"[0].
Also, the word for a market where you have only a couple of buyers (all colluding with each other) is called a monopsony.
0: https://en.wikipedia.org/wiki/Hobson%27s_choice https://en.wikipedia.org/wiki/Hobson%27s_choice
- Jensson 2y agoThere are billions of buyers, just that most of them don't want to pay that much.