THE PRICE OF PRODUCTS. III. THE MONOPOLY OF SUPPLY
The monopoly of supply, precisely like the competitive supply, conforms to the fundamental law of the formation of prices. It does not enjoy any special advantage in this respect, for the supplymonopolist has anything but the power to dictate prices according to his discretion. He, no more than others, can overcome the weight of the decisive marginal bid. However, his controlling position in the market certainly gives him a number of opportunities to influence the market, so that the marginal-offer occurs at a higher figure.