Nominal Vs Real GDP – Complete Lesson
Key difference between nominal vs real GDP is, nominal GDP is calculated based on current prices while real GDP is…
What is Supernormal Profit? – With Diagrams
What is supernormal profit? Supernormal profit / abnormal profit/ economic profit definition The amount of total revenue that exceeds the…
Four market structures comparison
The four market structures are perfect competition, monopolistic competition, oligopoly, and monopoly. These four market structures are described based on…
Oligopoly: Definition, Characteristics and examples
We can identify four major types of market structures. They are perfect competition, monopolistic competition, oligopoly, and monopoly. To see…
Perfectly Competitive Market Meaning, Characteristics, & Examples
What is a perfectly competitive market? Simply, a perfectly competitive market is a hypothetical market structure of many firms that…
Monopoly Graph, Characteristics, Types, Examples and Causes
What is monopoly market structure? In the monopoly market, there is only one firm that produces a product with no…
Incidence of a Tax, Elasticity and Tax Incidence, Graph, Formula
Tax incidence definition What is tax incidence? The incidence of a tax (tax incidence) explains how the tax burden is…
Price Floor Definition, Graph, Examples and Effects
Price floor definition What is a price floor? A price floor implies that the government has fixed the minimum permitted…
Price Ceiling Definition, Graph, Examples and Effects
Price ceiling definition economics What is a price ceiling? A ceiling price implies that the government has fixed the maximum…
Cross Price Elasticity of Demand Meaning, Formula & Calculations
What is cross price elasticity of demand? Cross price elasticity of demand definition The cross-price elasticity of demand describes how…
