The market
Abstract
To clarify and better understand the concept of the market we must investigate the structure of supply and demand curves, as well as how equilibrium prices and quantities are determined. We will highlight the advantages and limitations of the market by analyzing what happens when administered prices are set differently from equilibrium prices. Finally, we will clarify how the innovative practice of socially responsible consumption allows us to “vote in the marketplace” to include the “least among us,” while simultaneously letting the market deal with questions of efficiency, distribution, and access to the market itself.
Appendix Abstract
This Appendix explains how it is possible to derive the concept of ...
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