MONOPOLY

(Yßbr  un¿

output  at  home,  but  to  retain
price  level  in  the  home  market  by  relieving
of  some  supplies  even  if  these  supplies  when^f
sold  elsewhere  realised  only  paltry.'  J
From  the  point  of  view  of  the  monopolist’s
policy,  there  is  nothing  to  prevent  the  price  of
dumped  surpluses  from  dropping  to  any  insignificant ­
  figure,  but,  as  a  matter  of  fact,
they  will  not  sell  for  less  than  the  price  which
rules  in  the  foreign  market  when  they  invade
it.  This  price,  nevertheless,  might  be  beneath
a  figure  which  would  leave  any  profit  at  all  for
the  monopolist  were  he  forced  to  sell  his  whole
output  at  that  particular  price.
Another  kind  of  dumping,  which  has  excited
a  degree  of  apprehension  quite  out  of  proportion ­
  to  its  magnitude,  in  all  probability,
consists  in  producing  an  excessive  supply
in  order  to  sell  substantial  quantities  abroad
at  a  material  sacrifice  for  advertising  purposes, ­
  or  in  order  to  oust  competitors.  It  is
questionable  whether  this  game  is  worth  the
candle  in  view  of  the  enormous  foreign  sales
which  are  requisite  to  get  a  hold  on  a  foreign
market,  and  consequently  of  its  enormous
cost.  It  might  be  well  worth  the  expense  were
it  a  fact  that  competitors  could  be  easily  put
to  flight  and  that  their  rallying  to  compete
again  within  a  moderate  time  would  be  a