Principles of Microeconomics / Unit 9 MIC 0812 short lesson, about 20 seconds
Variety: The Benefit
Captions available
The idea
The inefficiency buys variety: different pizzas, locations and hours. Whether markets produce too much variety, and whether differentiation wastes resources, is an unresolved dispute among economists.
In practice
Forcing every shop to sell the same pizza would cut cost and choice at once.
Where people slip
The course reports both positions and takes neither; perfect competition is a model, not a goal.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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