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In economics, a reservation (or reserve) price is a limit on the price of a good or a service. On the demand side, it is the highest price that a buyer is willing to pay; on the supply side, it is the lowest price a seller is willing to accept for a good or service. Reservation prices are commonly used in auctions, but
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The item for sale may not be sold if the final bid is not high enough to satisfy the seller, that is, the seller reserves the right to accept or reject the highest bid. If the seller announces to the bidders the reserve price, it is a public reserve price auction. [ 8 ]
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Ask price, also called offer price, offer, asking price, or simply ask, is the price a seller states they will accept. [1] The seller may qualify the stated asking price as firm or negotiable. Firm means the seller is implying that the price is fixed and will not change. In bid and ask, the term ask price is used in contrast to the term bid price.
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The main body of the market is composed of suppliers and demanders. Both parties are equal and indispensable. The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity.