What roles do buyers and sellers play in the determination of the market clearing price of a good?
Sellers compete with each other to convince buyers to pay the highest price for a particular good.
Buyers compete with each other to convince sellers to offer the lowest prices for a particular good.
Buyers seek the lowest possible price for the good, sellers seek the highest price for the good, and these
interests intersect at the market clearing price.
Buyers seek the highest possible price for the good
sellers seek the lowest price for the good, and these
interests intersect at the market clearing price.