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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?


To: D. Long who wrote (36801)8/11/2002 3:46:23 AM
From: FaultLine  Read Replies (1) | Respond to of 281500
 
If "what the market could bear was charged" there wouldn't be any shortages, because the price would've risen to a point where demand dropped to meet supply.

At the time of the gas shortages, I vividly remember reading a quote from a Saudi sheik. He said the best decision he ever made was to send his son to Harvard where he learned the economics of inelastic demand.

--fl