Adam Smith：The Wealth of Nations, Book I, Chapter VII, Paragraph 169

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.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter VII, paragraph 169 · Verified：2026-10-19 · Verification：Exact match

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