Thus, if on a certain day sellers offer in Chicago 10,000 hogs, with a willingness to take $5 per cwt., they represent the supply. If on the same day in the same place buyers are willing to take 10,000 hogs at $5 per cwt., $5 will be the market price, and the supply and demand will be equal. If, however, only 5,000 hogs would be bought at $5 per cwt., 5,000 hogs will be without buyers, and their owners will seek, by lowering the price, to find buyers at $4.50 per cwt., if necessary. Since all the sellers will feel the same pressure, the tendency of market value will immediately be downward. Buyers willing to pay $5 per cwt., finding many sellers, will expect a reduction in price, and the price will certainly go down until the hogs purchased equal the entire supply. And that will not be until the buyers are stimulated by reduction of price, so that as many hogs are wanted as there are for sale. If that point is reached at a price of $4.50 per cwt., the market value is found there. The limit of time within which this reduction takes place will depend upon the ability and willingness of sellers to wait. If the product offered is perishable, or costly in keeping on the market, the reduction will be speedy. Otherwise it may be held indefinitely with the hope of compelling buyers to come to the higher prices, in which case it is practically taken out of the market. Only those commodities are practically in the market which are held for sale at the market price. Only those buyers practically enter the market who are able and willing to give the market price. _The higgling of the market._—The process of reaching an agreement between buyers and sellers is called the higgling of the market, and represents the conflict between the wishes of sellers to get the most possible for their products, and the wishes of buyers to get the most possible for their money. In fact, both buyers and sellers have the same motive: to make their own exertions go as far as possible in supplying their own wants. The fact that money enters into the transaction makes no difference with the bargain. Two farmers trading horses have exactly the same desire: to get the full worth of the horse to be given. A genuine bargain usually benefits both parties. Even in a horse trade each owner expects to be benefited by the exchange; and only a jockey seeks that benefit in taking advantage of his neighbor’s ignorance or inexperience.