If you're dealing in goods of non-obvious quality, where total supply volume >> total demand volume, markets get weird. See: beauty products, wine, art There

If you're dealing in goods of non-obvious quality, where total supply volume >> total demand volume, markets get weird. See: beauty products, wine, art There are people who can discern quality reliably... but those people are an extremely small portion of the total market. Consequently, things that are not quality (chiefly, marketing and price) start to become dominant features.