In what sense did Christy s arrival knock by Dr. Robert Murphy @Mises

Question 12 / 96: In what sense did Christy's arrival "knock out" some of the possible equilibrium prices that could have formed between Alice and Billy?

Answer:

All we mean is that Christy would be willing to make

counteroffers to prevent some of the original equilibrium

trading outcomes from occurring. Intuitively, Alice wouldn't

sell Snickers at such low prices to Billy once Christy enters

the scene with her stockpile of Milky Ways and her tendency

to prefer Snickers.

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https://www.jobilize.com/capitalism-the-market-economy-by-dr-robert-murphy-mises

Capitalism: The Market Economy

Access: Public Peer Review

Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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