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…
Price Elasticity of Supply Meaning, Formula & Examples
What is price elasticity of supply? The price elasticity of supply measures how responsive the quantity supplied of a product…
How to Calculate Price Elasticity of Demand?
What is price elasticity of demand? The price elasticity of demand is a measure of the responsiveness of quantity demanded…
