auctions, willingness to pay, game theory, market power, monopoly, monopsony
When I visit my local supermarket, I can see the price of all the goods on display. This allows me to decide what (if anything) I want to spend my money on. The price charged by the supermarket is determined by the price it pays its suppliers and by how much market power the supermarket possesses. The supermarket can have market power when it sells to me (monopoly) or market power in its relationship with its suppliers (monopsony).
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