NOTES 387 latter respect that market price differs from normal price."' General Walker is here talking about normal price in a normal market and in a " freely reproducible goods society." These are things that do not now exist as has already been shown. It seems therefore, that there are other factors in the question of price than the marginal producer. In all of this the consumer is hardly recognized as having any part in the determiination of prices. MIay we not say with Mr. Macfarlane, that

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... he utilitv of the cominodity to the producer and consumiier sets the limits within which the price is determined.2 The monopoly strength of the consumer, or the producer then fixes the final price within limiits established by the utility of the commiiodity to the two sides of the market. And in so far as it does settle the price the margrinal producer may comne within the field of production. A combination with a monopoly position can therefore determine the price withini the limits referred to above. The relation of the trust to price is not then to be settled by a theory made for other times and conditions. We are in a period of monopoly and trust control, the occasion and time demand a new analysis. There is no intention to discuss here the trust as a producing agency. Undoubtedly it has come to stay, but if this be so then an early recognition of the new conditions produced by it, will make the problem easier to solve. The doctrines of a cornpetitive society must be readapted to this later phase of organization.