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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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                           SELLERS' MARKET: A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply. A sellers' market exists because the quantity demanded by the buyers exceeds the quantity supplied by the sellers... at a given market price. In this situation, buyers seek to buy more of the good than sellers are willing to sell, hence sellers can pick and choose whom they sell to among prospective the buyers. Buyers are lucky to find a good to purchase.| Sellers' Market |  |
A sellers' market is illustrated by the market for 8-track tapes displayed in this exhibit. This graph was generated with data from the 88th Annual Trackmania 8-Track Tape Collectors Convention at the Shady Valley Exposition Center.Sellers have the "upper hand" in this market due to the excess demand of 8-track tapes. This shortage is indicated as the difference between the quantity demanded and the quantity supplied at the designated market price. In particular, the 30-cent price generates a quantity demanded of 600 tapes and a quantity supplied of 200 tapes. Buyers are willing and able to buy 400 tapes more than sellers are willing and able to sell. This excess demand of 400 tapes is what gives the sellers the upper hand. Note that a sellers' market does not mean the lack of competition among suppliers have given some sellers market control. A sellers' market is a competitive market that simply has a temporary imbalance between the quantity demanded by the buyers and the quantity supplied by the sellers. A change in the market price would eliminate the sellers' market, and possibly even create a buyers' market.
Recommended Citation:SELLERS' MARKET, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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