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 ...

In micro-economic textbooks, the main factor assumed to affect the quality of a market is the number of sellers. A single seller, termed a monopolist, is the worst because that seller has maximum ...

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 ...