ABSTRACT
Having examined the general nature of the conditions of demand for any particular commodity, we must now give some attention to the conditions which affect the supply. When the supply of a commodity is limited, and the commodity thus in limited supply possesses utility, the grade of utility which, with all higher grades, secures satisfaction, is less or more important according as the supply is less or more limited. Whatever influences the degree of limitation of supply must necessarily influence the amount of the marginal utility, that is to say, must influence the exchange value of the commodity.
