which often costs lesser by an order of magnitude.
At equilibrium, the price equals the marginal cost; sure, it is more than the average cost, but I can't see why the latter is relevant.
And the effort required to earn the money to buy the ring is also wasted.
And the effort required to earn the money to buy the ring is also wasted.
No, it's not. You have produced (hopefully) valuable goods or services; why they are wasted, from the viewpoint of society?
This thread is for asking any questions that might seem obvious, tangential, silly or what-have-you. Don't be shy, everyone has holes in their knowledge, though the fewer and the smaller we can make them, the better.
Please be respectful of other people's admitting ignorance and don't mock them for it, as they're doing a noble thing.
To any future monthly posters of SQ threads, please remember to add the "stupid_questions" tag.