Saying “supply and demand” as if that settles the issue is reductive. It tells us prices moved, not why the market is structured this way. The real questions are what’s driving demand, who controls supply, and how concentrated power has become. When three suppliers and a handful of effectively unlimited buyers dominate the entire market, with weak or absent regulatory intervention, Econ 101 stops being analysis and starts becoming a thought-terminating cliché.
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