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The Cost of Competition under Natural Monopoly Conditions
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One of the most interesting and difficult applications of the theory of monopolies is to the question whether the public interest is best served by the allotment of a distinct basin to each great railway, and excluding competition there. For the proposal it is urged that a railway can afford to carry two million passengers, or tons of goods, cheaper than one million: and that a division of the public demand between two lines will prevent either of them from offering a cheap service (Alfred Marshall, Principles of Economics, 8th Edition, 1920, BK. V, Ch. XIV, p. 485).
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