No Free Lunch: Economics for A Fallen World

7 | Production: Man At Work

It's a Wrap!

Much of this chapter’s discussion assumed a competitive market—that an entrepreneur has no say on both input and output prices. Our entrepreneur had to take a given price for her product, and had to pay the prevailing wage for labor and the market price for capital equipment. That is not always the case, and in the next chapter we’ll explore such concepts as monopoly power and oligopoly.

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