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A monopoly granted either to an individual or to a trading

company, has the same effect as a secret in trade or

manufactures. The monopolists, by keeping the market constantly

understocked by never fully supplying the effectual demand, sell

their commodities much above the natural price, and raise their

emoluments, whether they consist in wages or profit, greatly

above their natural rate.

The price of monopoly is upon every occasion the highest which

can be got. The natural price, or the price of free competition,

on the contrary, is the lowest which can be taken, not upon every

occasion indeed, but for any considerable time together. The one

is upon every occasion the highest which can be squeezed out of

the buyers, or which it is supposed they will consent to give;

the other is the lowest which the sellers can commonly afford to

take, and at the same time continue their business.