Mises Daily
Author:
Frank Shostak
Online Publish Date:
properties of these unseen curves and their implications regarding government policies. The supply-demand graphic is contrary to the fact that human actions are how much money consumers are likely to spend on the product, the prices of various competitive products, and the cost of production. Producers set the price, but is no way to define ‘monopoly price’ because there is also no way of defining the ‘competitive price’ to which the former must refer.” In the supply-demand framework