Economics @ ITT

Why Are People Willing to Fork Out a Fortune for Shoes That Cost Little to Make?

Posted in economics, employment, International Economics, microeconomics, Trade by ittecon on October 6, 2010

Why Are People Willing to Fork Out a Fortune for Shoes That Cost Little to Make? Interestingly enough in microeconomics, supply and demand concepts, marginal pricing, and scarcity are key to the discourse. Yet how do we account for the prices we pay for shoes, clothing, and cosmetics?

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