Political Economy Its Objects Uses And Principles Considered With Reference
Political Economy Its Objects Uses And Principles Considered With Reference
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But it must be observed, that the payment of all such monopoly charges is wholly voluntary on the part of the consumer, who has no right to complain of its exaction so long as he is left free to purchase or procure the article in any cheaper manner, if he can.
When, however, only a portion of the entire sup- ply is produced under a monopoly, the necessary cost of the article is not affected by such monopoly, but consists solely of the labour, time, and capital required to produce that portion o...f the supply which is brought to market under the least favourable circumstances to its producers, and, consequently, under no monopoly. Though the parties concern- ed in the production of the remaining portion of the supply receive a monopoly profit, they do not there- by raise the price of their article. It is out of their power, by refusing to produce or by any other POLITICAL ECONOMY. 175 means, to raise the price one jot beyond that at which the commodity can be supplied by other par- ties who will be content to get the current profit on capital and wages of labour.
What to read after Political Economy Its Objects Uses And Principles Considered With Reference?
You can find similar books in the "Read Also" column, or choose other free books by Alonzo Potter to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But it must be observed, that the payment of all such monopoly charges is wholly voluntary on the part of the consumer, who has no right to complain of its exaction so long as he is left free to purchase or procure the article in any cheaper manner, if he can.
When, however, only a portion of the entire sup- ply is produced under a monopoly, the necessary cost of the article is not affected by such monopoly, but consists solely of the labour, time, and capital required to produce that portion o...f the supply which is brought to market under the least favourable circumstances to its producers, and, consequently, under no monopoly. Though the parties concern- ed in the production of the remaining portion of the supply receive a monopoly profit, they do not there- by raise the price of their article. It is out of their power, by refusing to produce or by any other POLITICAL ECONOMY. 175 means, to raise the price one jot beyond that at which the commodity can be supplied by other par- ties who will be content to get the current profit on capital and wages of labour.
What to read after Political Economy Its Objects Uses And Principles Considered With Reference?
You can find similar books in the "Read Also" column, or choose other free books by Alonzo Potter to read onlineMoreLess
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