Why is the Marginal Revenue Curve for a Monopoly Is Below the Demand Curve? When studying different market structures like perfect competitive markets or monopolies, we need to first start by understanding how they relate to the consumer. A perfectly competitive firm...
What are the costs of production? In Microeconomics, there are 4 types of costs: 1. fixed costs 2. variable costs 3. total cost 4. average costs 5. marginal costs Fixed Costs Fixed costs are the same if you are open for business or not: rent, food, utility bills....
What is the Marginal Revenue Product of Labor? In Economics we study the impact, positive or negative, of employing one more unit of something so we can make better decisions. To illustrate this concept lets look at an example. XYZ Company hires its workers in a...
What Is A Market Failure? In Economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, leading to a net loss of economic value. There are 6 market failures: 1. Creation of Externalities An externality is...
What is Factor Markets? Factor Markets or Input Markets is the Circular Flow Model that we already addressed. This is the market where all the goods and services are sold: 1. Firms produce goods and services, households buy these. 2. To produce these goods and...
In this article, we will go through the main differences between perfect and imperfect competition, so you can get a clearer understanding of these concepts. All firms operating within each of these sections are called market structures. What is A Perfect Competition?...
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