“We do not know exactly what the price will be, but we do know that it will be set by bargaining somewhere at or below the maximum buying price of the most capable buyer and above the maximum buying price of the next most capable buyer.”
“The price of the good will find a resting point where the quantity demanded is equal to the quantity supplied, i.e., where supply equals demand.”
Next:
- 13-1a3a5a The equilibrium price can be achieved conceptually because the demand will dwindle to zero when the price is high enough
- 13-1a3a6 The result of the exchange process is that the stock goes into the hands of the most capable possessors
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