When You Adjust for Inflation Which is Worth More?

When you adjust for inflation, or even without inflation, and item or service is only worth as much as other people will pay for it. For example, in California, gas got up to $7 a gallon. Now, because the majority of drivers in California was willing to pay that much, the gas was worth $7 a gallon. However, if they had all decided that they refused to pay that much for gas, and nobody bought any at all, the value of gas would drop greatly until it reached a point that consumers were willing to buy it again.