About this episode
Market prices are determined by the bargaining between suppliers and demanders. Price determination by supply and demand is illustrated with a thought experiment that uses a fixed quantity of a perishable product (i.e., green peas) and known maximum valuations of consumers.
From Part 2: Money and Interest. Narrated by Millian Quinteros.
Get every episode summarized
Each time An Essay on Economic Theory publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
Hosts & guests
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from An Essay on Economic Theory
Foreword to An Essay on Economic Theory
An Essay on Economic Theory
Introduction to An Essay on Economic Theory
An Essay on Economic Theory
1.1. Wealth
An Essay on Economic Theory
3.7. Further Explanations and Enquiries as to the Utility of a National Bank
An Essay on Economic Theory