Top 113 Quotes by Peter Thiel

One of my friends started a company in 1997, seven years before Facebook, called SocialNet. And they had all these ideas, and you could be, like, a cat, and I'd be a dog on the Internet, and we'd have this virtual reality, and we would just not be ourselves. That didn't work because reality always works better than any fake version of it.

Whereas a competitive firm must sell at the market price, a monopoly owns its market, so it can set its own prices. Since it has no competition, it produces at the quantity and price combination that maximizes its profits.