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The prices ranged from five-dollars all the way up to one-hundred. You wanted to make as many transactions as possible so you would sometimes have to cut a loss and sell for less or buy for more. The students did this for a few rounds and then accumulated the profit and loss. Then it was switched up a little bit she took out half the buyers and made them become sellers to demonstrate if you have more sellers than buyers the sellers would have more competition and would have to decrease the selling price. Then the opposite was done where there were more buyers than sellers demonstrating that with more buyers the sellers could raise their prices up more because they had more buyers at bay...
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Common topics in this essay:
- Levittown Experiment
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