“The amount offered for sale at each price is called the supply; the amount demanded for purchase at each price is called the demand.”
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- 13-8a1 The supply (and demand) curves can be aggregated respectively, because whether it is instantiated within one individual or across different individuals does not matter from the perspective of the curve
- 13-8b Supply = Stock - Reservation Demand
- 13-8c Utility alone determines the price and the quantity exchanged
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