Most fast food workers in California would get a $20 minimum wage next year — a nearly $5 per hour raise — under a deal announced Monday between labor unions and the industry that will avoid a costly referendum on the November 2024 ballot.
I mean, that kinda proves the point. People will pay pretty much anything for necessary medicine.
Of course, the takeaway should be that market dynamics aren’t really appropriate for medical costs, since that basis of what one is willing to pay doesn’t really apply when the consequence is literal death.
They really don’t even have econ 101 down though. Like the “willing and able” sentence they keep parroting ignores the difference between elastic and inelastic demand. The insulin statement above further shows they don’t understand it.
I mean, it only happens if it can happen.
Products are priced according to what people are willing to pay, not what they cost to produce.
Edit: It’s really sad how many people are replying to me who don’t understand basic economics. I guess that’s why they’re so bad with money, lol.
Tell that to the people who are paying 1500 dollars for insulin.
I mean, that kinda proves the point. People will pay pretty much anything for necessary medicine.
Of course, the takeaway should be that market dynamics aren’t really appropriate for medical costs, since that basis of what one is willing to pay doesn’t really apply when the consequence is literal death.
Why is the price $1500 and not $999999999 billion?
Why is it $1500 instead of $1600?
Lol, downvoted for explaining basic economics to those who don’t get it.
Stay in school.
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They really don’t even have econ 101 down though. Like the “willing and able” sentence they keep parroting ignores the difference between elastic and inelastic demand. The insulin statement above further shows they don’t understand it.
Sorry man, you’re just going along with the crowd even when they’re wrong.