Revisions of #4008
Contributors: Benjamin Davies
This is not exactly true. The business still needs to produce something people want to buy, at a price they will accept. This is separate from competition.
Another way to say that is: all businesses are in competition with all others at the broadest level.
If you liked Snickers bars, but they suddenly 5x in price, it isn’t necessarily true that you will buy a different chocolate bar. You might go to the bakery instead, or use that money to put a little more fuel in your car.
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This is not exactly true. The business still needs to produce something people want to buy, at a price they will accept. This is separate from competition.
Another way to say that is: all businesses are in competition with all others at the broadest level.
If you liked Snickers bars, but they suddenly 5x in price, it isn’t necessarily true that you will buy a different chocolate bar. You might go to the bakery instead, or use that money to put a little more fuel in your car.
This is not exactly true. The business still needs to produce something people want to buy, at a price they will accept. This is separate from competition.
Another way to say that is: all businesses are in competition with all others at the broadest level.
If you like Snickers bars, but they suddenly 5x in price, it isn’t necessarily true that you will buy a different chocolate bar. You might go to the bakery instead, or use that money to put a little more fuel in your car.