T-Rex: If demand for a good exceeds the number supplied, then the price of this good increases! And as prices increase on a certain good, this decreases the demand. This is called the Law of Supply and Demand...
T-Rex: ...and I CALL BALONEY ON IT.
T-Rex: There are PLENTY of goods whose DEMAND goes up as the price goes up. Luxury goods - or ANYTHING that's a status symbol - can at a certain point see DEMAND increase as price rises! Luxury cars! Expensive boozes! The very existence of the expression "you get what you pay for"!
T-Rex: All of these prove that the so-called "Law of Supply and Demand" is actually the LIE of SuppLIES and DeMENDACIOUSNESS!!
Utahraptor: Nice pun work there at the end.
T-Rex: Thank you!
Utahraptor: Anyway, these are called "Veblen goods" and economists already know all about 'em. They still call it the LAW of supply and demand though. I guess for economists, a few anomalies here and there aren't enough to disprove anything!
T-Rex: WHAT!
T-Rex: In physics one apple falls up and the law of gravity is DONEZO, but in economics something disproves a law on the regular, and everyone just agrees to look the other way?
Off panel: All things being equal, yes!
T-Rex: And HOW LONG has economics been based on VIBES??
