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Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 8, No 3 (1966), Pagination: 298-308
Abstract
A commodity with extreme qualitative variations and a wide range of consumers, tea is best sold through auctions, and though the mechanism of price formation in the tea auctions does not rigorously conform to the equilibrium model of economic theory, the auction prices very closely reflect the prevailing supply-and-demand conditions for the commodity.