I looked into it at some point, and I believe it's a typepad bug.

Great find! I'll post on it…

You might view it as a 'forced preview'.

That would be a vertical demand curve. Very unlikely. Graphite rackets are better than wood. That's why they're more popular. But holding their quality and the price of wooden rackets constant, an increase in the price of graphite rackets will lead to fewer sales. Some people who already have two won't buy a third one. Some people will delay replacing a racket. Some people will be enticed by a different substitute other than wood.

It still amazes me today that so few people recognize the importance of Mises' contributions and would rather assign greatness to Hayek. Perhaps it's the nobel prize, where his work was again built on Mises' ground breaking ideas.

If you want a magnum opus that you should be bringing to the minds of budding economists it really should be Human Action.

I'm trying to put myself in the place of a first year student and, well, the answer seems obvious! We only have to look at the demand curves to figure out who gets what at what price… Don't these guys have economists working for them?

But it's a great introduction to supply and demand. I could picture myself studying these!

I don't know why it doesn't remember personal info. It does the same thing to me, too.

I think we have gone on the defensive concerning the word "perfect" in economic terms. Some mythical state that exists only in our mind does not qualify as perfect in my opinion.

OT: Since Russ will probably read this; the "remember personal info" check box rarely works. Also, it would be an extraordinary improvement in design if each commenters text were boxed in *with* his signature, in alternating colors, ie. gray and white boxes. (There is often confusion about who wrote what, by new visitors)

Demand. You can't talk about a shift in quantity demanded as an exogenous change.

In a dynamic, vigorously competitive, efficient, free market, economic actors make (often poorly) educated guesses at best. Some guesses always turn out to be right, but that's beside the point. Some genes are always fittest too. Even very limited knowledge is more valuable than total ignorance, and markets only become efficient as informed traders act, so smart money marginally outperforms the dumbest luck, but this unremarkable fact is also beside the point.

I take these to mean two very different things – the former indicating a shift in the demand curve because of a fundamental change in the relationship between prices and how much pencil makers would like to buy, the latter indicating a movement along a demand curve that represents an existing preference mapping.

I can see students justifiably answering No to the former question and Yes to the latter.