It is towards
consumer sovereignty, meeting their needs and wants, that producers must orient
themselves. The firm enters the market with a price in mind but not knowing the
true market price. Accordingly this producer has already committed to producing
X units in this particular production cycle. This is the beginning of the drama
that unfolds. In this opening act adjustments will need to be made. As the
drama unfolds we encounter the unpredictable features of the market:
uncertainty and changes taking place over time. It is an unending drama, richly
human.
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