Political economy

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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

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94 POLITICAL ECONOMY data upon a consideration of which the monopolist forms his decision. The monopo list is in the fortunate position (fortunate from his own point of view) of being able to decide what the market supply shall be. When he has so decided, price gets fixed by the mech anics of the market set in action by demand. Of course an employer who is competing with others is just as much at liberty as a mono polist to decide upon producing a limited quantity only of the article that he furnishes to the market, but, as his works are not the sole source of the supply, his decision does not affect the total market supply in the long run. Other employers would eventually fill up any gap created by his restriction of his output if it were normally profitable to do so. We shall proceed at first on the assumption that the monopoly that we are studying is a rigid one, or in other words that the control over the supply is complete ; and for the sake of brevity of statement I shall write as if a monopoly were always in the hands of a single individual, though, as a matter of fact, a monopoly may be a company managed by directors or a group of combined employers. Now the object of the monopolist, other things being equal, will be to maximise his net takings, that is the difference between

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