Thus we see that, at any price from 16/1 to 16/11, there will be as many buyers as sellers, and the conditions will have emerged at which exchanges take place and price is determined. For, at that price, four buyers and four sellers will make a gain by exchanging. The fourth buyer was willing to pay anything under 17/ and the fourth seller willing to clear anything over 16/; thus both gain by a price which falls between 16/ and 17/, while the three more capable pairs gain proportionally more. And at that price the valuations of the remaining competitors, be they few or many, are unable to have any effect on the exchange. 16/1 will not suit buyers 5 and 6, who are not willing to give more than a maximum of 15/11 and 14/11, and 16/11 will not suit sellers who demand at least 17/1. Again, any price above 16/11 would cause the fourth buyer to withdraw, and any price under 16/1 would cause the fourth seller to withdraw. The price, then, will be determined somewhere between the subjective valuations of the last buyer and the last seller—what we may call the Marginal Pair.[16] And the most capable exchangers are proved to have been those who put the highest valuation on the commodity they wished (apples or money), and the lowest valuation on the commodity they had (money or apples). [16] To be exact, this limit may be more closely drawn. Böhm-Bawerk’s law is that the price is determined between the valuation of the last buyer and that of the first excluded seller as Higher Limit, and the valuations of the last seller and first excluded buyer as Lower Limit, viz. between the valuations of the Marginal _Pairs_. But, for reasons which will shortly be evident, it is scarcely worth while adding to the difficulty of the subject by too great exactness. CHAPTER XI SUBJECTIVE VALUATIONS THE BASIS OF PRICE It was said in the introductory chapter that we should find Objective Exchange Value to be a superstructure on Subjective Value. The typical scheme in last chapter will abundantly prove this. It is the valuations with which the parties on both sides enter the market that decide;—first, what parties will take part in the competition; second, what is the degree of each party’s “capability of exchange”; third, who are the parties that actually come to terms; fourth, who is the last buyer and who the last seller; and fifth, the price. Thus we arrive at Böhm-Bawerk’s formal proposition: Price is the resultant of subjective valuations put upon commodity and price-equivalent within a market.