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By P. W. S. Andrews (auth.)

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This has impressed many generations of students, but some at least have reflected that even though they may use their skills unconseiously, they hopefully drive with awareness of what is going on and of their own reactions at the time. Indeed one of the ingredients in the Advanced Motorists test in England is that at any time the testee shall give a running commentary on the road and the traffic behind and before hirn whilst continuing to exereise his driving skills. So that it may be presumed that those who devised this test have presumed a greater amenability to conseious description of what one is doing and what one is reacting to than Machlup would suggest to be normal.

Chamberlin' s methodology,' the ' large-group' model. , would earn only normal, competitive, longrun profits. It thus seemed to embody the main features of ordinary competitive industries, the recognition of which, so far as characteristics nos. 1-3, and 5, were concerned, had produced the classical theory of competition (see sub-section 3 above), as well as No. 4, whose recognition had produced the methodological crisis we have referred to. Chamberlin's falling demand curves gave falling marginal revenue curves, and so conformed with the first of the two logically possible ways of resolving the decreasing-costs conundrum (see page 20 above).

But in leaving this subjecttemporarily, we may note I It will be realized that the logic of this part of my criticism appears to destroy the possibility which Chamberlin entertains, for a very small number of producers, of fluctuations in prices between the competitive and monopolistic norms, if businesses behave in such a way as to force prices down to the former. A REVIEW OF MODERN THBORY 31 that new entry needs reconsideration even in the large-group model. How would an industry in Chamberlin equilibrium, assuming that excess capacity was as serious as the textbook curves would suggest, look to potential new entrants?

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