A homeowner paid for an appraisal prior to putting his property on the market. The home was on a double lot with a three car garage and a pool with a hot tub, and was much larger than all the neighboring homes. He was devastated when the appraiser came up with a price that was much lower than he expected. What principle did the appraiser apply for the appraisal?

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.