an excerpt from a discussion at UCB
To build off what Mark was saying.
Mark pointed out that his “Bolt” bus offers fairs that are far below that of
the equilibrium price.
From my perspective as a business owner, we frequently see price competition
that drives prices far below a median price. And by no means should one
assume that over all cost is still being covered.
I think this is best illustrated in Larry Kings new book, My Remarkable
Journey. He references a story when his friends and him make a 50+ mile
drive to prove that scoops of ice cream were available for less then there
local franchise. They were right it was cheaper but only to have the owner
respond with, “no wonder I’m loosing money.”
Although an equilibrium price is established in a market over time more
often then not it seems that it is greatly affected by the unscrupulous
business owner who does not know where the break even point is. : )
Ray Renk
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