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estimator comments on Stupid Questions June 2015 - Less Wrong Discussion
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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.
No, it's not. You have produced (hopefully) valuable goods or services; why they are wasted, from the viewpoint of society?