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Seinfeld Economics: The Old Man

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.

 

Seinfeld: The Old Man

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Kramer and Newman try to sell used records to a dealer who is buying them. He offers what they believe to be an insulting offer. This shows that value is determined by both scarcity and desire; without demand, even a rare commodity has no value.

from Seinfeld, Season 4 (1993)
Creator: Larry David & Jerry Seinfeld
Posted by Linda Ghent
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