The most fundamental proposition in the price literature is that in industrial markets, especially those which are oligopolistic in structure, are unresponsive to changes in general business conditions, and that this behavior is pervasive. Our study, The Behazior of Industrial Prices, is an examination of the evidence regarding this view. Our central purpose was to ascertain whether administered prices which, as reported by the Bureau of Labor Statistics (BLS), were essentially unresponsive to declines of general business conditions, were in fact unresponsive: that is, our central task was to obtain transaction rather than quoted prices. To that end, we collected buyers' on commodities that met two conditions: