A Treatise on Political Economy - The Production, Distribution, and Consumption of Wealth

Furthermore, there are specific products that nature or human institutions have subjected to a monopoly, thereby preventing them from being supplied as abundantly as other similar items. Examples of this include the wines from specific and famous vineyards, where the available soil cannot be increased even if demand grows. Similarly, in most countries, the postage for letters is charged at a monopoly price.

Finally, whatever the general or specific causes may be that determine the relative intensity of supply and demand, it is that intensity which forms the basis of price in every act of exchange. Price, as a reminder, is simply the current value of an item measured in money. The demand for all objects of pleasure or utility the usefulness or satisfaction a consumer gets from a good would be limitless if the difficulty of obtaining them—the price—did not limit and restrict the supply. On the other hand, the supply would be infinite if it were not restricted by that same circumstance: the price, or the difficulty of acquisition. There can be no doubt that anything capable of being produced would be manufactured in unlimited quantities, so long as it could find buyers at any price at all.(e) Demand and supply are like the opposite ends of a balance beam, from which hang the scales of high and low prices original: "dearness and cheapness". The price is the point of equilibrium the state of balance between opposing market forces, where the influence original: "momentum" of one force ends and the other begins.

(e) This would not be possible without the presence of both utility and the difficulty of obtaining the item. —T. The "T" likely refers to the translator or editor, providing a clarification on the necessity of both value and scarcity for a price to exist.