Robert ReichMay 22, 2024

Remember: If markets were actually competitive, corporations would keep their prices as low as possible as they competed for customers.

Instead, the concentration of the American economy into the hands of a few corporate giants gives them the power to raise prices with impunity.

Show threadOsito
@rbreich when you read economics texts pay attention to the words 'all other things being equal' and especially 'perfect' as in perfect competition in other words, a theoretical state that does not exist in reality.
What you do find in reality is that price moves to maximize profit per unit.
May 22, 2024 at 9:02pmWeb