Political economy

Bibliographic data

Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

108 POLITICAL ECONOMY miracle ; but the monopolist would be exceed ingly foolish to take this for granted. Many established industries will sell for years beneath their full cost of production rather than shut down, because shutting down involves the destruction in bulk of their fixed plant. They will continue to sell so long as the price is well above the specific cost of production, that is the cost of production apart from standing charges which would not be saved by the cessation of activities. And as regards other industries, not of this kind, in which output instantly and adequately contracts as soon as prices become in any degree unremunerative, we find that the possibility of such an immediate curtailment of production implies the possibility of an equally immediate increase of output as soon as a recovery in price renders it profitable. Tersely put, it is probably the case that competitors who are easily routed are easily rallied by a hardening of the market, and that those who are not easily routed can only be defeated eventually after a lengthy and exhausting campaign. Dumping of this order is far more likely in the case of articles which are unique and for which there is no perfect substitute. It might, for instance, pay the patentee of a new breakfast food to sell

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation