13-8c Utility alone determines the price and the quantity exchanged

Because the supply is seller’s demand.

“The supply curve is not based on some sort of “cost” that is independent of utility on individual value scales. The fundamental determinants of price are the value scales of all individuals (buyers and sellers) in the market and that the physical stock simply assumes its place on these scales.”

Next:

• 13-8d Speculative anticipations merely assist the market price toward equilibrium

Related:

• 13-7 Value scales consist of specific units, and associated subjective utilities