Such a monopoly position may be a legally established one, or one due to location or the control of natinral resources, or it may be a monopoly of a less definite character resting on custom and prestige (good-will). This latter class of monopolies are not commonly classed as such j although in character and degree the advantage which they give is very much the same as that due to a differ(?ntial advantage in location or in the command of resources. The end sought by the systematic advertising of the larger business concerns is such a monopoly of custom and prestige. This form of monopoly is sometimes of great value, and is frequently sold under the name of good-will, trademarks, brands, etc. Instances are known where such monopolies of custom, prestige, prejudice, have been sold at prices running up into the millions.'
The great end of consistent advertising is to establish such differential monopolies resting on popular conviction. And the advertiser is successful in this endeavor to establish a profitable popular conviction, somewhat in proportion as he correctly apprehends the manner in which a popular conviction on any given topic ia built up.' The
' E.g. the preBiige value of Ivory So»p.
■■ Cf . W. D. Seotl, Tht Theory of Adverliiing ; J. L. Mahin, The Commeretal Value of AdrerCiaing, jip. 4-&, 12-13, 16; E, Fogg-Meade, " The Place of Advertising In Modern BuslneBa," Journal of Political Sconomy, March 1901 ; Simibsrt, vol. 11. ch, XX.-XXI.; G. Tarde, Paychologie Eeonomiqae, vol. I. pp. 187-190. The writing and de(igning of ftdTertiaemenU (lettsipreaa, dlapUy, uid illutntionR) hu