Eiteman and Guthrie conclude their paper with this statement: “If the beliefs of businessmen in general coincide with those included in this sample, it is obvious that short-run marginal price theory should be revised in the light of reality.” That was in 1952….Another thing conventional economics reverses and gets backwards. "Reality is a bitch."
econoblog 101
The problem with the supply curve
Dirk Ehnts | Lecturer at Bard College Berlin
