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Every Saturday I go to my local downtown market to buy fresh vegetables and bread. My...

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Economics

Every Saturday I go to my local downtown market to buy fresh vegetables and bread. My market is somewhat unusual because everything is sold through an auction: an auctioneer calls out a price, buyers yell out how much they want to buy, and sellers yell out how much they want to sell. If there's a match, the goods are sold at that price. If not, the auctioneer has to call out a new price until there is a match. Let's look at an auction for banana bread.

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