Friday, October 29, 2010


The competitor, like the monopolist, seeks the highest price which will yield the highest net profit.  But, because he is unable to control supply, and thus induce a scarcity, his highest price is what competition will allow him to charge, which is always lower than what he would like. ... Only in a monopoly business is there a "little extra"
Frank Chodorov (1959, The Rise & Fall of Society)

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