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Many more he harassed into accepting price freezes, while other, favoured, companies prospered.
In a fascinating twist, competition in autos led to the collapse of steel prices in 1982 because in a more competitive car market the Big Three stopped accepting price increases for steel that they could no longer pass on to consumers.
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Hudson & Marshall, a Dallas-based auctioneer that holds sales for lenders, reports that banks are accepting prices that they refused to consider just 12 months earlier.
Scots selling their homes have been accepting prices about 9% below their asking prices, according to an analysis of market figures from this spring.
"Luckily, most of our customers are willing to accept price increases," she said.
The universally accepted price is a free ride — usually offered as a last resort.
We find no gender-differentiated responses to either the maximum accepted price in the economics experiment or hypothetical willingness to pay questions from the survey.
"We think the sector rules were operating unfairly in the provider's favour, with consumers having little choice but to accept price increases or pay to exit their contract.
"A wine consumer in general accepts pricing stratification for 750 milliliters," Mr. Calagione said.
Many of the exporters accept prices on orders at which they find it hard to make a profit.
This dynamic could easily prevent markets from clearing, and the failure of those markets to arrive at accepted prices could have ramifications for the entire economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com