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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Don Lloyd who wrote (102263)5/15/2001 5:30:53 PM
From: Art Bechhoefer  Read Replies (2) of 436258
 
Don, your belief that "There is also no reason why a free market cannot consist of a single seller and a single buyer" seems to run counter to the whole idea of a free market. If there is only one seller and no alternative seller, then I fail to see what difference it makes whether the buyer knows anything about the value of the goods or services for sale. The buyer will pay whatever the seller wants, or the transaction won't go through. The whole concept of a free market, at least in the economics textbooks I've read, requires numerous buyers and sellers. Without that, you have a monopoly.

Conversely, if you have only one buyer, the same is true, as the seller is forced to meet the buyer's bid price, or the transaction doesn't take place. You can define a market however you wish, but the market I'm talking about is the one that all economists I know recognize as a free market.

Art
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