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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (102440)5/15/2001 6:39:19 PM
From: Don Lloyd  Read Replies (2) of 436258
 
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...No, what he is trying to define is a competitive market -- the one he referenced (one buyer / one seller) was not a competitive market. ...

But it actually is a competitive market, even with only a single buyer and a single seller. The single seller faces the the potential competition of a new entrant, or the buyer producing his own product, if he asks for too high a price. He also has to compete with every other possible use of the buyer's disposable income. Even for food, unless the seller has complete control over all sources of nutrition and calories, he must charge an agreeable price or go out of business himself.

Regards, Don
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