ABSTRACT
This chapter introduces the new models of finished goods lessens the satisfaction which owners get from existing models, there is a substantial set-off to the gains of “progress,” so that the tendency of private monopoly need not always be anti-social. Simple monopoly works out in two different ways, according as, on the one hand, the entry to the industry is so far restricted that no resources are drawn into it other than those actually finding employment in it, or, on the other hand, entry to the industry is free. When simple monopoly prevails, it is to the interest of the monopolist so to regulate his output as to make the excess of the author aggregate receipts over his aggregate costs as large as possible. It follows that under simple monopoly output will always, other things being equal, be less than it would have been under simple competition.
