6 What's Wrong with This Way of Thinking? Economists argue that lower prices will necessarily result in
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6 What's Wrong with This Way of Thinking?
"Economists argue that lower prices will necessarily result in less supply. However, there are exceptions to this rule. For example, in 1970 ten-digit electronic calculators sold for
$ 1 00. By 1980 the price of the same type of calculator had declined to less than $30. Yet business firms produced and sold five times as many calculators in 1980 as in 1 970.
Lower prices did not result in less production and a decline in the number of calculators supplied."
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