Raw produce is not at a monopoly price, because the market price of barley and wheat is as much regulated by their cost of production, as the market price of cloth and linen.
When a commodity is at a monopoly price, it is at the very highest price at which the consumers are willing to purchase it.
The exchangeable value therefore of a commodity which is at a monopoly price, is no where regulated by the cost of production.
Commodities are only at a monopoly price, when by no possible device their quantity can be augmented; and when therefore, the competition is wholly on one side--amongst the buyers.
In some instances the owners limit the quantity raised, in order not too rapidly to exhaust the mine; in others there are said to be combinations of owners, to keep up a monopoly price by limiting the production.
Skilled wages are at a monopoly price, and taxes on them are paid by the laborers, so long as wages are not reduced below their just proportion.
Let us look more closely at the determinants of a monopoly price.
It is all important to an understanding of the subject to recognise that a monopoly price and a competitive price are determined by the operation of an entirely different set of economic forces.
A monopoly price, as we have seen, exactly measures the marginal utility of the supply, as indicated by the quantity of money which the purchaser of the last increment of supply is just willing to pay for it.
When the ordinary price of any particular produce of land is at what may be called a monopoly price, a tax upon it necessarily reduces the rent and profit of the land which grows it.
So much land would come to market, that it could no longer sell at a monopoly price.
The same regulations, besides, keep so much land out of the market, that there are always more capitals to buy than there is land to sell, so that what is sold always sells at a monopoly price.
The rent of land, therefore, considered as the price paid for the use of the land, is naturally a monopoly price.
Monopoly price is therefore a rational thing, not a mystery entirely out of harmony with the simple law of value laid down for consumption goods.
So far also as they strengthen the bargaining power of the laborers, or as they can enforce a monopoly of labor in a particular trade and locality, they can secure the full competitive or even a monopoly price.
The above list will hopefully provide you with a few useful examples demonstrating the appropriate usage of "monopoly price" in a variety of sentences. We hope that you will now be able to make sentences using this group of words.
