MONOPOLY 
* 109 
at first at a very low, even unremunerative, 
price until people had acquired a taste for the 
thing, when the price could be raised without 
causing people to alter their habits to any 
large extent. 
Producing to dump without regard to an 
ultimate raising of price is a very different 
matter, and only distantly connected with the 
dumping of surpluses. It consists in deter 
mining before the event to manufacture such 
a supply of a thing that, after the home 
demand has been satisfied at a high or 
moderately high price, a quantity is left 
over to be disposed of in outside markets 
at a price which, as it is put, is beneath cost 
of production. That it may be profitable to 
act on the design embodied in this kind of 
dumping when the foreign sales considered in 
themselves entail no sacrifice has been proved 
by what has been already said of the principle 
of discriminative charges, but it has not yet 
been demonstrated that the policy can prove 
a paying one when the exported goods fetch 
less than their cost of production. 
A favourite method of trying to shew that 
the policy is a paying one in the latter case 
is to argue that the monopolist can afford to 
dispose of some part of his output in distant 
markets at less than the expense incurred in