{"id":34411,"date":"2016-03-19T02:00:29","date_gmt":"2016-03-19T06:00:29","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=34411"},"modified":"2017-07-14T10:12:59","modified_gmt":"2017-07-14T14:12:59","slug":"the-monopoly-markup-2","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2016\/03\/19\/the-monopoly-markup-2\/","title":{"rendered":"The Monopoly Markup"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"853\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/Z-bz7yu2AOQ\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Published on 18 Mar 2015<\/strong><\/p>\n<p>Ever wonder why pharmaceuticals are so expensive? In this video, we show how low elasticity of demand results in monopoly markups. This is especially the case with goods that involve the \u201cyou can\u2019t take it with you\u201d effect (for example, people with serious medical conditions are relatively insensitive to the price of life-saving drugs) and the \u201cother people\u2019s money\u201d effect (if third parties pay for the medicine, people are less sensitive to price). <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Published on 18 Mar 2015 Ever wonder why pharmaceuticals are so expensive? In this video, we show how low elasticity of demand results in monopoly markups. This is especially the case with goods that involve the \u201cyou can\u2019t take it with you\u201d effect (for example, people with serious medical conditions are relatively insensitive to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[243,1026,469,1143,202],"class_list":["post-34411","post","type-post","status-publish","format-standard","hentry","category-economics","tag-medicine","tag-microeconomics","tag-monopolies","tag-principlesofeconomics","tag-travel"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-8X1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/34411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=34411"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/34411\/revisions"}],"predecessor-version":[{"id":34412,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/34411\/revisions\/34412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=34411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=34411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=34411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}