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Price Versus Cost

OneForFreedom Wrote: Apr 17, 2013 12:06 PM
Bartering will also tend to increase - "you do the brake job on my car and I'll fix your computer" would be a good example. Not sure how the fed would react to bartering - if a farmer "pays" in the form of vegetables, will congress require him to "pay" them in veggies, too?
Suppose you buy a gallon of gas for $3. How much did it cost you? You say, "Williams, that's a silly question. It cost $3." That's where you're mistaken, because there's a difference between price and cost. To prove that price and cost are not the same, consider the following. Suppose you live and work in New York City and routinely pay $15 for a haircut. Imagine you were told that there's a barber in Boise, Idaho, who can give you the identical haircut for just $5. Would you start going to the Boise barber? I'm betting you'd answer no because...
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