Perfect competition is a theoretical model with many buyers and sellers offering identical products. In this model, firms cannot influence prices and make zero long-term profit due to free entry and ...

Explore oligopolies, where a few firms dominate a market, influencing prices and outcomes. Learn about characteristics, ...

No individual actor would have market power in a perfectly competitive market, argue economists Paul Krugman and Robin Wells in the second edition of their book "Economics." Under competitive market ...

As a small-business owner, you're probably an avid reader of financial and economic news. And like many of your colleagues, you probably scratch your head over some of the headlines you read about ...