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Price competition is an alien concept to the handful of firms that dominate the cereal industry. "Their rivalry is more akin to the choreographed grunts of televised wrestling than a cutthroat duel to the death," says John Connor, a professor of agricultural economics at Purdue University. "The ultimate weapon, steep price cuts, is rarely used." That has kept profit margins high. Ronald Cotterill, director of the Food Marketing Policy Center at the University of Connecticut, estimates that cereal firms pocket an average of 17% of their sales as operating income, vs. 7% to 8% for the food industry...
Both undergraduates and law students expressed concern for those members of American society unable to pay the steep legal fees charged by top defense lawyers...
While Harvard does offer subsidies for lessons through the Office of the Arts' Musical Lesson Subsidy Program (MLSP), the funds are limited and lesson prices are steep...
Puerto Rico has paid a steep price for its leading role in the drug trade. Its murder rate has been higher than that of any state for three years straight. Ninety percent of all violence on the island is believed to be drug related. "San Juan has become what Miami used to be. You see 15-year-olds with guns. People are afraid to go out at night," says U.S. attorney Guillermo Gil, the victim of a carjacking by a teenager high on crack. In the summer of 1993 the drug trade had got so bad that Governor Pedro Rossello...
Nowhere is that more evident than in the northwestern provinces of Bubanza and Cibitoke, once two of Burundi's richest agricultural regions but now a wasteland. For the past six months, a guerrilla war between Hutu rebels infiltrating from neighboring Zaire and the Tutsi-led army has stripped the steep hill country of inhabitants. Not even aid workers dare enter for fear of attack. A visit last week to the area revealed rice fields and coffee plantations abandoned to forest. Entire villages have been pounded to ruins. Residents who have not taken to the hills or to camps in Zaire...