explain the relationship between market and pricing
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As the price of a good goes up, consumers demand less of it and more supply enters the market. If the price is too high, the supply will be greater than demand, and producers will be stuck with the excess. Conversely, as the price of a good goes down, consumers demand more of it and less supply enters the market.
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That is, setting an offer price higher than the expected price will lead to a higher transaction price. In the Asabere and Huffman study, the actual sale price is lower than the offer price and they characterize the market as a buyer's market. As we are analyzing a booming market, it is more of a seller's market.
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