Introduction to Economics
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In our eReader you can find the full English version of the book. Read Introduction to Economics Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Introduction to Economics
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The far-sighted monopolist, then, instead of increasing the prices of all grades uniformly, will so distribute the increase of price as to burden each class of customers as much as they will bear without withdrawing custom.
In some cases where no real differences in quality exist, the consumer is made to believe that there are such differ- MONOPOLY PRICE 73 ances. Some years ago — and perhaps to-day — there were several grades of salt on the market, selling at different prices. The manufacturer... who produced them has ad- mitted that they were all exactly the same. The classes who could afford to pay high prices for salt bought the grade that was alleged to be the best; those who could pay less bought cheaper grades. Thus the manufacturer, who enjoyed a limited monopoly, was able to make each class of consumers pay according to ability. It is easy to see how far this principle might be carried in the case of such articles as soap, chocolate, canned goods. It is a wise man who knows what ingredients go into these com- modities ; and if the manufacturer, who must know, says that one is purer and more choice than another, what can you or I do but accept his statement and pay the higher price for the so-called better quality ?
What to read after Introduction to Economics?
You can find similar books in the "Read Also" column, or choose other free books by Alvin Saunders Johnson to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The far-sighted monopolist, then, instead of increasing the prices of all grades uniformly, will so distribute the increase of price as to burden each class of customers as much as they will bear without withdrawing custom.
In some cases where no real differences in quality exist, the consumer is made to believe that there are such differ- MONOPOLY PRICE 73 ances. Some years ago — and perhaps to-day — there were several grades of salt on the market, selling at different prices. The manufacturer... who produced them has ad- mitted that they were all exactly the same. The classes who could afford to pay high prices for salt bought the grade that was alleged to be the best; those who could pay less bought cheaper grades. Thus the manufacturer, who enjoyed a limited monopoly, was able to make each class of consumers pay according to ability. It is easy to see how far this principle might be carried in the case of such articles as soap, chocolate, canned goods. It is a wise man who knows what ingredients go into these com- modities ; and if the manufacturer, who must know, says that one is purer and more choice than another, what can you or I do but accept his statement and pay the higher price for the so-called better quality ?
What to read after Introduction to Economics?
You can find similar books in the "Read Also" column, or choose other free books by Alvin Saunders Johnson to read onlineMoreLess
Read book Introduction to Economics for free
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