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Page 108
We may ask : What are the actual economic facts the observed basic order among which is described by the law of supply and demand , and what sequence does this order pos- sess ? In passing , we may also ask what the word ' proper ...
We may ask : What are the actual economic facts the observed basic order among which is described by the law of supply and demand , and what sequence does this order pos- sess ? In passing , we may also ask what the word ' proper ...
Page 110
But what about demand ? If we take this to be measured by the amount of goods sold , then indeed we find no essential correlation between supply and de- mand , nor any evidence confirming Henderson's statement of the first law .
But what about demand ? If we take this to be measured by the amount of goods sold , then indeed we find no essential correlation between supply and de- mand , nor any evidence confirming Henderson's statement of the first law .
Page 112
other direction , is designated as the curve of demand . The other curve , tending toward a minimum as zero is approached and toward a maximum in the other direction , is designated as the curve of supply . Vertical measures are prices ...
other direction , is designated as the curve of demand . The other curve , tending toward a minimum as zero is approached and toward a maximum in the other direction , is designated as the curve of supply . Vertical measures are prices ...
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