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Seinfeld Economics: The Couch

by Linda Ghent

Demand is the willingness and ability of the people within a market area to purchase a good or service. Economists generally assume there is an inverse relationship between the price of a good and the quantity demanded by buyers.

Two goods are substitutes if, when the market price of the first good rises, the demand for the second good also rises.

 

Seinfeld: The Couch

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When George joins a book club to impress a girl and then finds the reading too costly, his demand for a substitute good (the video of the novel) rises to ridiculous proportions. In the end, he finds that the movie and the book are imperfect substitutes.

from Seinfeld, Season 6 (1994)
Creator: Larry David & Jerry Seinfeld
Posted by Linda Ghent
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