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No. Prices are not economic fact. They are opinions. Prices in markets are in constant fluctuation. The price of gas is in part geographically determined. Wine
by daodedickinson 11y ago
No. Prices are not economic fact. They are opinions. Prices in markets are in constant fluctuation. The price of gas is in part geographically determined. Wine and vehicles are the same way. Every price is relative to who is selling, who is buying, their moods, the setting, their histories... if one changes their opinion of a wine, its price probably changes. No one can say ever that "this will never sell for less than $X" with certainty. A luxury car may be donated, or given away. Some may even pay to have one taken off their hands. This may offer opportunities for arbitrage but the concept of worth independent of price must always be kept in view or the viewer is in an economic cave.