In any competitive market only the marginal buyer and marginal seller are indifferent at the market price; almost every buyer would have paid more and almost every seller would have accepted less, so money is 'left on the table'—but the gap is normally irrelevant because competition forces a single market price and buyers capture consumer surplus.
definitionpending
Speaker
Michael MungerEvidence Quote
“the price is something that comes about as a result in a competitive market of many many actions at the margin”
Source
Michael Munger on Franchising, Vertical Integration, and the Auto Industry 06/22/2009— EconTalkCreated: 6/17/2026, 10:31:26 AM
My Notes
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