“Cost” & “Price” are Not Interchangeable Economic Concepts

There is a distinct difference between the cost of things and the price of things. Cost influences price through changes in supply. In casual conversation we often use the words “price” and “cost” interchangeably.  What’s the difference and why does it matter?

Read the rest here: https://www.libertarianism.org/columns/cost-price-not-interchangeable-economic-concepts

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