Abstract
These are the most directly and readily observable attributes of commodities (goods and services produced for and exchanged on the market). Both price and quantity relate to a unit (piece, bushel, barrel, pound etc.), established usually by commercial practice as the customary unit of reckoning.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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Brody, A. (1987). Prices and Quantities. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1843-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1843-1
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