For competition to be perfect, products must be nearly identical. Yet the market for mohawks in Dakar casts doubt on this idea
Save time by listening to our audio articles as you multitaskThe prices of goods that are traded internationally should not vary nearly as much as prices of things like haircuts that cannot be stored or shipped. This is because a trim depends largely on local costs such as wages, which are much lower in poor countries.
. Yet Dakar is bristling with cheap salons. Competition ought to have snipped her hopes of selling costly cuts. Instead her business is bustling, as is a rival salon that merrily charges similar prices. The clientele at both are mainly well-heeled Senegalese, along with a few expats.
. Some barbers pull in clients by blasting Afrobeats. Others have comfier chairs or screen football matches. Perfect competition also requires clients to have perfect information about the options on offer. Yet many of Senegal’s best snippers do not show up on the internet; most do business by word of mouth. And even omniscient customers might be loth to cross Dakar to get the best deal.
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