MONOPOLY 
105 
public opinion effective when it can, and a 
public excessively squeezed by monopoly 
is likely to demand clamorously that the 
heavy hand of the State should be extended 
for its relief. And Governments can not 
only control, or try to control, but also 
nationalise services. Moreover, there is 
potential competition to take into account. 
The richer the gains of monopoly, the more 
will rivals be tempted into the field to get 
a share of the booty, and the greater will 
be the chance of a natural demolition of 
restraint of trade. So monopolists are likely 
to prefer large outputs and low prices to small 
outputs and high prices, if the direct pecuniary 
advantage of the former to them is not 
greatly inferior to that of the latter. 
Finally, it may be pointed out that a 
public authority which monopolised a service 
would not be likely to aim at the highest 
monopoly revenue, even within the limita 
tions defined above. It would naturally 
pay regard to public advantage, which is 
measured by consumers’ surpluses. 
A particular case of discriminative charges, 
which is known as dumping, has very much 
agitated the public mind in recent years. 
Dumping is ordinarily understood as selling 
an article abroad not merely at a price beneath