Foundations of the Market Price System

Figures

   1.Scarcity Implies Production

   2.Relations Between Households and Firms

   3.Production is the Source of Income

   4.The Firm As Intermediary

   5.Basic Elements of the Market-Price System

   6.“Non-Income” Sources of Purchasing Power

   7.Effect of a New Technique of Production on Profit-Margin

   8.Demand for Gasoline

   9.Different Degrees of Elasticity of Demand

 10.Shifts in the Demand Schedule

 11.Elasticity of Demand in the Case of a Price Cut

 12.Elasticity of Demand in the Case of a Price Increase

 13.Degrees of Elasticity Preferred by the Firm

 14.Price-Changes and Price-Elasticity of Demand

 15.Availability of Substitutes and Elasticity of Demand

 16.Preference-Ranking and Elasticity of Demand

 17.Social Income-Structure and Elasticity of Demand

 18.The Ex-Post Supply Schedule

 19.Demand, Supply, and Market-Price

 20.Surpluses, Shortages, and Selling Prices

 21.Supply Restriction and Shortages

 22.Surplus, Shortage, and Quantities Supplied

 23.Non-Profit Underpricing

 24.Shifts in Supply Schedules

 25.Increase in Demand While Supply is Fixed

 26.Decrease in Supply While Demand is Fixed

 27.Decrease in Demand While Supply is Fixed

 28.Increase in Supply While Demand is Fixed

 29.Long-Run Decline in Prices

 30.Long-Run Rise in Prices

 31.Market-Determination of Wage-Rate

 32.Relations Between Households and Firms

 33.Comparison of Perfect Competition and Imperfect Competition

 34.Origin of Horizontal Demand Schedule

 35.Price-Taker’s Horizontal Demand Schedule

 36.Total Costs and Marginal Costs

 37.Marginal Revenue Curves

 38.Profit Maximization

 39.Price-Taker as Quantity-Adjuster

 40.Innovative Cost-Cutting and Profit Differentials

 41.Oligopolists Produce More At Lower Price

  A.Ex-Ante Supply

  B.Ex-Ante Supply and Market Price