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Prices: Markets
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From 1982 to 1985, OPEC attempted to set production quotas low enough to stabilize prices. These attempts met with repeated failure as various members of OPEC produced beyond their quotas. During most of this period Saudi Arabia acted as the swing producer cutting its production in an attempt to stem the free fall in prices. In August of 1985, the Saudis tired of this role. They linked their oil price to the spot market for crude and by early 1986 increased production from 2 MMBPD to 5 MMBPD. Crude oil prices plummeted below $10 per barrel by mid-1986. Despite the fall in prices Saudi revenue remained about the same with higher volumes compensating for lower prices.
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The US population consumes roughly 140 billion gallons of gasoline per year, and gas prices have been increasing to outrageous highs. Automotive.com is proud to offer a free service for users to find local gas stations offering the lowest prices. Federal & state taxes, crude oil costs, refining costs, and distribution & marketing are combined to determine the retail gasoline price. Gas stations ... have different rent, expenses, traffic patterns, and sources of supply that may increase or decrease their gas prices. Don’t pay too much! Find the lowest price in your area at Automotive.com!
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Nationally, single-family home prices increased in the first quarter at an annualized rate of 2.2%. On a year-over-year comparison... prices are up only 3.0%, further normalizing the market with the weakest gain in a decade. Nearly 50% or 157 of the 317 metro areas in the study experienced price declines in the first quarter, accounting for 38% of all single-family units and half of all single-family real estate assets in the nation.
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There are no daily market price reports for standing timber (stumpage), or are there any government support prices. Timber prices depend on species, size, quality, competitive markets, and other factors. Both demand and price for many timber products fluctuate widely. Add to this the fact that many timber sales are once- or twice-in-a-lifetime occurrences. Learning from experience can be very expensive!
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A seller charging competing buyers different prices for the same "commodity" or discriminating in the provision of "allowances" -- compensation for advertising and other services -- may be violating the Robinson-Patman Act. This kind of price discrimination may hurt competition by giving favored customers an edge in the market that has nothing to do with the superior efficiency of those customers. However, price discriminations generally are lawful, particularly if they reflect the different costs of dealing with different buyers or result from a seller’s attempts to meet a competitor’s prices or services.
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Marxian economists distinguish very strictly between real prices and ideal prices. Real prices are actual market prices realized in trade. Ideal prices are hypothetical prices which would be realized if certain conditions would apply. Most equilibrium prices are hypothetical prices, which are never realized in reality, and therefore of limited use, although notional prices can influence real economic behavior.
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