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The title text, however, then goes on to talk about how the extra fuel consumption involved in finding cheaper gas leads to more extra money being spent on gas than is actually saved at the cheaper outlet. | The title text, however, then goes on to talk about how the extra fuel consumption involved in finding cheaper gas leads to more extra money being spent on gas than is actually saved at the cheaper outlet. | ||
β | This problem has also been examined in [http://what-if.xkcd.com/22/ ''What if?'' - Cost of Pennies | + | This problem has also been examined in [http://what-if.xkcd.com/22/ ''What if?'' - Cost of Pennies]. |
However, [[Randall]] neglects to consider the effect that customers have on prices. If customers consistently go out of their way to get the lowest prices, then sellers will be motivated to lower their prices to attract customers. On the other hand, if customers consistently purchase from the most convenient seller, then sellers can raise prices without losing business. | However, [[Randall]] neglects to consider the effect that customers have on prices. If customers consistently go out of their way to get the lowest prices, then sellers will be motivated to lower their prices to attract customers. On the other hand, if customers consistently purchase from the most convenient seller, then sellers can raise prices without losing business. |