Each day 1,000 fishing boats return to port with the fish that have been caught. These fish

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Each day 1,000 fishing boats return to port with the fish that have been caught. These fish must be sold within a few hours or they will spoil. All of the fish are brought to a single marketplace, and each fisher places a price on the fish he or she has for sale.
a. How would a fisher know that his or her price was too high?
b. How would a fisher know that his or her price was too low?
c. As the day progresses, what would you expect to happen to the prices posted by the fishers?
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Intermediate Microeconomics and Its Application

ISBN: 978-1133189039

12th edition

Authors: Walter Nicholson, Christopher M. Snyder

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