Jim: > did you say you were talking about perfect competition?
I said "marginal cost pricing" which is synonymous with "perfect competition" in the neoclassical economics literature. Otherwise, there is markup, at least, in the neoclassical theory. Of course perfect competition is silly. There is no such thing as perfect competition: even the Manhattan restaurant market is not perfectly competitive: there is market segmentation, some restaurants such as those owned by Mario Batali are rent extractors and the like. Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
