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I am not an educated man, but I think that is the definition of supply and demand.
Again, as a layman, if there is only one retailer (as in your example), doesn't he determine the market price ?
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Most peoples definition of a "market" ends when the market has been obviated by something like hurricane, war, riots, consumer panic, It is not a market anymore it is a panic where people pay whatever.
Panic prices are not sustainable they are just a blip in market prices.