NAME THAT ECONOMIST!

A random quote game from Econlib


Quiz yourself! Who wrote this quote?

To fit the theory more accurately to the facts of life the doctrine of short-time normal price has been formulated, notably by Marshall. The idea is that over short periods supply is a different function of price, cost a different function of output, from what is true of the ultimate adjustment. Marshall separates the two cases by saying that for short periods of a few months or a year supply means the amount which can be produced for the price in question with the existing stock of plant, personal and impersonal, in the given time, while for long periods, of several years, it means the amount which can be produced by plant which itself can be remuneratively produced and applied within the given time.






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