Supply and Demand, Considered Separately
Why Red-Eye Flights Are Always Full Now and Other Puzzles Explained
Asked what something costs, your reply will almost surely be in the form of a number, expressed in dollars if you are an American. But why is the number what it is? Why does a sandwich cost $3.50, a gallon of gas $4.00, some books $20, others $40, a new car $20,000? Probably you have some sense of the answer, which involves the costs for the things needed to make these items. Sandwiches need meat and bread, and books need paper and ink. Cars need rubber, several kinds of metals, upholstering, and all manner of other resources. All of these ...
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