As a fourth

f) The law, articulated by Jevons*, stating that “In the same open

Market, at any moment, there cannot be two prices for the

same kind of article.” The reason is that, if they did exist,

Arbitrage should occur until the prices converge.

G) A production technology for which relatively more labour

Value is required as input per unit of output than other factors

Of production.

Read the text, complete it using the words from the box, and translate it into Russian

Sellers, in balance, reached, equilibrium, increase, prices, transactions

Tatonnement process. The “tatonnement” (or “groping”) process was suggested by Walras to

Illustrate th a t... (1) in perfect markets (perfect competition) can be attained at a particular set of...

(2) no matter what the original disequilibrium position of the markets and the route by which

Prices move before reaching equilibrium. Buyers and... (3) make known their prices in the first

Round. In the second round, buyers and sellers... (4) their published prices, where there is excess

* Jevons, William Stanley (1835—1882) — британский ученый-экономист.

Demand, reduce them where there is a shortfall in demand and keep them the same where demand

And supply a re...... (5). The process continues until there is a balance of demand and supply in all

Markets. At this stage, actual... (6) take place; no trade is done until equilibrium is... (7).