Competitive and Monopoly Price: A Criticism of Current Theory With Special Reference to Its Bearing Upon the Trust Problem (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from Competitive and Monopoly Price: A Criticism of Current Theory With Special Reference to Its Bearing Upon the Trust Problem

Just what normal profits are, as was pointed out above,2 can not be stated precisely as a certain per cent or as a fixed amount. Yet that such a thing as normal profits exists as a feature of current thought, is evidenced by the not infrequent reference to profits in some transactions as abnormal. Normal profits will Of course vary with the quality of business ability te quired in various undertakings, the risk involved, and other attending conditions, - in brief, with the character of the business. A sufficiently accurate description Of normal profits is afforded by the statement that profits may be considered normal in any industry when they afford no special or extra inducement to enter the busi ness or to leave it.
Competitive price, then, tends to equal social cost of production.

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