How would a fisher know that his or her price was too high

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Each day 1,000 fishing boats return to port with the fish that have been caught. These fish must be sold within a few hours or they will spoil. All of the fish are brought to a single marketplace, and each fisher places a price on the fish he or she has for sale.

a. How would a fisher know that his or her price was too high?

b. How would a fisher know that his or her price was too low?

c. As the day progresses, what would you expect to happen to the prices posted by the fishers?

Reference no: EM131732448

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