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Prices ensure your demands are supplied- even in times of scarcity. But who decides prices? Manufacturers and stores play a role, of course. As Professor Don Boudreaux explains, though, the biggest decider in determining prices is you, the consumer. Prices reflect the value consumers think the products are worth. Whether it’s the price of a bottle of ketchup or a Hermes Birkin purse, the price-tag is the end result of a “global chain of cooperation.”
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