Every Saturday I go to my local downtown market to buy fresh vegetables and bread...
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Every Saturday I go to my local downtown market to buy fresh vegetables and bread My market is somewhat unusual because everything is sold through an auction an auctioneer calls out a price buyers yell out how much they want to buy and sellers yell out how much they want to sell If there s a match the goods are sold at that price If not the auctioneer has to call out a new price until there is a match Let s look at an auction for banana bread There are 20 buyers and 4 sellers of banana bread The table below provides information for a single buyer s demand curve and a single seller s demand curve Price 10 8 6 4 2 Quantity of banana bread demanded by one buyer 0 2 4 6 8 Quantity of banana bread supplied by one seller 60 50 40 30 20
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