Adam Smith：The Wealth of Nations, Book I, Chapter VII, Paragraph 153

When the quantity brought to market exceeds the effectual demand, it cannot be all sold to those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither. Some part must be sold to those who are willing to pay less, and the low price which they give for it must reduce the price of the whole. The market price will sink more or less below the natural price, according as the greatness of the excess increases more or less the competition of the sellers, or according as it happens to be more or less important to them to get immediately rid of the commodity. The same excess in the importation of perishable, will occasion a much greater competition than in that of durable commodities; in the importation of oranges, for example, than in that of old iron.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter VII, paragraph 153 · Verified：2026-10-19 · Verification：Exact match

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