elasticity on its own is a representation of one form of market power. you don’t need Marshallian (hi @econmarshall.bsky.social!) scissors to appreciate that. 1/

what’s kind of cool, though, is that the Econ 101 scissors-‘n-surplus diagrams that are fallaciously represented as representing welfare can, more interestingly and less fallaciously, form the basis of a measure of market power (which Econ 101 largely pretends does not exist). /fin