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Supply/demand is part of the calculation a consumer uses to determine what price they want to pay, and the final result of that calculation is the actual price
by orev 8y ago
Supply/demand is part of the calculation a consumer uses to determine what price they want to pay, and the final result of that calculation is the actual price they are willing to pay.
- CPLX 8y agoIncorrect. Only demand is determined by the consumers. Supply is determined by the willingness of those with resources to supply those resources at a given price.
- stouset 8y agoYou are straw-manning the original argument. GP said nothing about consumers controlling supply, just that it is part of the calculation that is used when a consumer determines a price they are willing to pay. If you’re going to try and be a pedant, at least base your reply on the actual argument you’re responding to.