ABSTRACT

In Chapter XI we found that the simple price rules in a number of cases do not unconditionally hold good. We cannot always start with a schedule of demand, found directly through a valuation of utility, and compare this to a schedule of supply, arisen from prices fixed for the technical components required to produce the good. A thing will in many cases either in demand or in supply be connected with others—i.e., their conditions of production, schedules of demand or market conditions are interacting or directly interdependent.