Publisher's Synopsis
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. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
