Most of economics teaching is about exploring just how wildly wrong econ101 is.
E.g. who passes on insulin since the last price increase?
E.g. why does a basic black and white rolex daytona cost around £12k at an authorized dealer? (For non-watch people there’s a 10 year wait list to buy at that price but you can buy 2nd hand immediately for a LOT more)
Note that the "old" kind of insulin is available for 25 $/vial. It sucks in a lot of ways (requires more frequent dosage, and has a smaller margin of error), but it is dramatically cheaper than the newer and better kinds.
So financially strapped diabetics do have a trade off available to them.
Because they're buying a status symbol, not a watch.
> For non-watch people there’s a 10 year wait list to buy at that price but you can buy 2nd hand immediately for a LOT more
An excellent demonstration of Supply&Demand at work. Your example doesn't refute S&D at all :-)
>> why does a basic black and white rolex daytona cost around £12k at an authorized dealer?
> Because they're buying a status symbol, not a watch
QED?
Source: am a reseller.
> Do you think S&D effectively models NFT marketplace?
Of course it does. The supply is one item, and so the highest bidder gets it. I am baffled why you think it is not S&D.
If you have more questions, fire away!
The highest bidder is around £30k but the person who got it paid £12k.
You can walk into an AD and bid all you want, they’ll let you try it on or find your favourite colour version. You aren’t buying it though.