Price discovery as in the market converging on a price, not as in an individual seeing how much something would cost at present. https://en.m.wikipedia.org/wik

Price discovery as in the market converging on a price, not as in an individual seeing how much something would cost at present. https://en.m.wikipedia.org/wiki/Price_discovery https://en.m.wikipedia.org/wiki/Price_discovery Since the good has very inelastic demand, suppliers have an easier time influencing the market. Small changes in supply should cause big changes in price, in both directions. However, prices go higher much faster during high demand than they go lower during low demand.