Here it is in a nutshell:
"Since the term "marginal utility" expresses "by a single phrase the idea both of demand and supply," prices "are built up on subjective valuations" alone and "correspond closely with the subjective estimates" of the marginal buyer and seller, i.e., "the least eager buyer and the least eager seller.""
Jeffrey Herbener and Frank Fetter.
Wednesday, October 01, 2003
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