The supply-price of a personal service is that which just suffices to attract a certain quantity of supply, and it is likely to increase as the quantity required increases. In the determination of the minimum supply-price of undertakers, three chief factors can be distinguished as tending to make that price somewhat high. First, undertakers will not enter a line of business unless their reward will at least cover the interest they could have obtained by acting as a passive investor elsewhere. Second, money has to be spent on education or training, or has to be advanced during a period of lengthy probation. There will be a distinct aversion to enter upon a business career unless the profit that can be expected will compensate for the cost of this preliminary outlay. The existence of these limitations means that higher profits can be obtained than would otherwise be the case without attracting sufficient competition of new undertakers to modify the prevailing gains.