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Results tagged with supply-and-demand
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user 32357
Supply and Demand is an economic model of price determination in a market. Demand refers to how much (quantity) of a product or service is desired by buyers. Supply represents how much the market can offer.
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Understanding Vernon Smith's 1962 "An Experimental Study of Competitive Market Behavior"
Vernon Smith's 1962 paper "An Experimental Study of Competitive Market Behavior" simulates a market using students (who have piece of paper giving their reservation prices). In one of the experiments, …
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