2 ms·
The price of a house is not fixed. Likewise, in your example, you would have to lower the price from $10 to sell your goods.
by pigscantfly 5y ago
The price of a house is not fixed. Likewise, in your example, you would have to lower the price from $10 to sell your goods.
- sokoloff 5y agoIf they priced at $6, they’d sell 5 units for $30 and 5 people would still be unable to afford to buy housing while the seller held onto 5 more units waiting for another person to come along with $6. If they priced at $7, they’d sell 4 units for $28, which still might be better for them. This might not be that far off from what’s happening.
- saghm 5y agoMy point is that it's at least mathematically possible for a scenario to exist where the assertion I was responding true does not happen. If the idea is that _in practice_ people always lower the prices, then it seems more direct to just say that rather than claim some sort of law of economics that doesn't actually have any mathematical proof.