Becker highlights the concept of social goods, where consumer demand increases as others desire them, challenging traditional supply-demand dynamics in economics.
He questions why successful businesses with excess demand, like popular restaurants, don't simply raise prices or expand capacity to optimize profits.
The notion that demand can rise with price in certain social contexts underscores the complex interactions between individual preferences and collective popularity.
Becker's insight reveals that the appeal of certain goods is partly driven by their desirability by others, enhancing the overall consumption experience.
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