feralcatkillr
Member
- Joined
- Apr 9, 2013
- Messages
- 23
- Reaction score
- 7
Many are claiming supply and demand is what's increasing the prices. That may be true but supply and demand works both ways. If enough of us refuse to pay the inflated prices eventually there will be an excess of supply driving the price back down again.
Now, do I have any faith this will happen, no. Too many people these days have that "hooray for me and the heck with everyone else" attitude so I'm guessing we will be stuck with these higher prices for a good long while. (if they ever come down)![]()
Don't forget your Economics 101, though, and how the demand curve on the chalkboard (before dry erase, for me!) sloped downward to make a triangle. There will always be a few people at the tip of the triangle that will demand some quantity at even very high prices. That's why there *is* a tip to every such triangle. Very few products' demand curves are 100% fully price elastic, so it doesn't help to whinge an moan about the people who live at a different part of the triangle than you do. You can wish all you want that everyone that the same price-vs-quantity opinions as you, but that doesn't change reality.
On the other hand, you are correct that those of us who refuse to buy beyond a certain price point will slowly change the market equilibrium, presuming that supply increases. This latest buying frenzy just proved how slowly a supply curve can shift compared to how far a demand curve can move in just a few hours.
Sorry for the Economics wonk post. Econ still remains one of my favorite subjects for truly explaining the world objectively, and I wish it was taught more / better.
