| Monopolies may be divided into four kinds. I. Where the monopolist lies not the exclusive power of production but only certain exclusive facilities as a producer, and can increase, with imdimimished or even increased facility, the amount of his produce.... II. A second kind of monopoly is in the opposite extreme. It
exists where price is checked neither by the hopes nor by the fears of the producer, where no competition is dreaded, and no increased supply can be effected. The owners of some vinyards have such a monopoly.... III. A third and more frequent kind of monopoly lies between
these two extremes, and is neither so strict as the last, nor so comparatively open as the first. This comprises those cases in which the monopolist is the only producer, but, by the application of additional labow and abstinence, can indefinitely increase his production. The book trade affords an illustration.... IV. The fourth and last class of monopolies exists where production must be assisted by natural agents, limited in number, and varying in power, and repaying with less and less relative assistance every increase in the amount of the labour and abstinence bestowed on them. -- Nassau William Senior, An Outline Of The Science Of Political Economy, (1836, 1872) pp. 103-106. https://archive.org/details/in.ernet.dli.2015.59405/page/n11... |