3 ms·
Yes, and in while Jevons is obvious why (efficiency changes the supply curve), Baumol is less apparent because the cause is more indirect.
by huevosabio 11mo ago
Yes, and in while Jevons is obvious why (efficiency changes the supply curve), Baumol is less apparent because the cause is more indirect.
- CGMthrowaway 11mo agoIndirect only if you think opportunity cost is "hidden" (which it often is the way people prefer to look at things) Getting to Yes, BATNA, Etc. In an efficient market the price of Thing A is exactly equal to what you'd pay for your best alternative Thing B (assuming you can find an offer for your bid)