The Pros And Cons Of Lollipops

The famous saying is that everything has a price. And nowhere is this more true than when looking at economics. If a mechanic is offered a million dollars per lollipop he makes, then you better believe he’ll be learning how make a lollipop. What happened here is that the price was such that it enticed a new producer into the market. The market being the name for the completion of all buyers and sellers for a good. This and it’s converse, that if the lollipops were free, a lot more people would consume lollipops, make up the basis for supply and demand. Supply, is as the name suggests, the quantity of a good being supplied. In supply with an increase in price, there is also a increase in quantity available for purchase. This is because of everyone already in the market producing more, and because of new suppliers joining the market. Now there also exists people who wouldn’t enter at a given price of the market, just as there are people that would exit the market should the price lower. These people would view their possible gain is less than the cost incurred to reach that gain. That is, their marginal benefit is less than their marginal cost. Demand is similar, yet in the opposite direction, to supply. For demand, the higher the price of a good, the lower the quantity bought. Just as there

The two curves, supply and demand, were both as they normally appear. The supply of cards was more inelastic than not, if the price was high enough then there were more cards that could come out, but the price would have to change quite a bit to get more than one or two more people to trade. And as little kids, this was a necessity, and the demand was quite inelastic as a result. There was still an equilibrium price, as I said, the going rate for a while was about 90 cards. A staggering sum for a single card but it wasn’t just any card, they were the cool