Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

Exercise 17

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?