Buy books online the textbook market does not operate in exactly the same manner as most consumer markets. First, the end consumers (students) do not select the product, and the product is not purchased by faculty or professors. Therefore, price is removed from the purchasing decision, giving the producer publishers disproportionate market power to set prices high. Similarities are found in the pharmaceutical industry, which sells its wares to doctors, rather than the ultimate end-user (i.e. patient).
This fundamental difference in the market is often cited as the primary reason that prices are out of control. The term "Broken Market" first appeared in Economist James Koch's analysis of the market commissioned by the Advisory Committee on Student Financial Assistance.This situation is exacerbated by the lack of competition in the textbook market. Consolidation in the past few decades has reduced the number of major textbook companies from around 30 to just a handful.Consequently, there is less competition than there used to be, and the high cost of starting up keeps new companies from entering.
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