V. THE THEORY OF PRICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
1. Price Formation in an Isolated Exchange. . . . . . . . . . . . . . . . . . . . . . . . . 194
2. Price Formation under Monopoly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
A. Price Formation and the Distribution of Goods When There is Competition Between Several Persons for a Single Indivisible Monopolized Good. . . . . . . . . . . . . . . . . . . . 199
B. Price Formation and the Distribution of Goods When There is Competition for Several Units of a Monopolized Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
C. The Influence of the Price Fixed by a Monopolist on the Quantity of a Monopolized Good that Can be Sold and on the Distribution of the Good
Among the Competitors For It .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
D. The Principles of Monopoly Trading (The Policy of a Monopolist) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
3. Price Formation and the Distribution of Goods under Bilateral Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
A. The Origin of Competition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
B. The Effect of the Quantities of a Commodity Supplied by Competitors on Price Formation; the Effect of Given Prices Set by Them on Sales; and in Both Cases the Effect on the Distribution of the Commodity Among the Competing Buyers . . . . . . . . . . . . . . 218
C. The Effect of Competition in the Supply of a Good on the Quantity Sold and on the Price at which it is Offered
(the Policies of Competitors) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
VI. USE VALUE AND EXCHANGE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . 226
A. The Nature of Use Value and Exchange Value . . . . . . . . . . . . . . . . . 226
B. The Relationship Between the Use Value and the Exchange Value of Goods . . . . . . . . . . . . . . . . . . . . . . . . . . 228
C. Changes in the Economic Center of Gravity of the Value of Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231
VII. THE THEORY OF THE COMMODITY . . . . . . . . . . . . . . . . . . . . . . . . . . . 236
1. The Concept of the Commodity in its Popular and Scientific Meanings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236
2. The Marketability of Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241
A. The Outer Limits of the Marketability of Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241
B. The Different Degrees of Marketability of Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248
C. The Facility with which Commodities Circulate. . . . . . . . . . . . . . . . 254
VIII. THE THEORY OF MONEY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
1. The Nature and Origin of Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
2. The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262
3. Money as a “Measure of Price” and as the Most Economic Form for Storing Exchangeable Wealth. . . . . . . . . . . . . . . . . 272
4. Coinage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280