Price Takers: Firms in perfectly competitive markets are price takers, meaning they must accept the prevailing market price ...

When running a small business, decisions must be made to help ensure profit maximization and continued success. Understanding some of the basic economic principles at work behind the scenes can help ...

Competition with other firms is a key aspect of running a business of any size, from a brand new venture to a large corporation. In competitive markets, companies have to fight over the business of ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

In response to a question about economic theory and its role in the financial crisis, Nobel Prize-winning economist Joseph Stiglitz said: "The strange thing about the economics profession over the ...

While the nation is rightfully consumed with responding to the COVID-19 crisis, other battles are being fought that also will have decades-long consequences. One of those involves states seeking to ...

We could imagine, in a perfect world, that those we hire to regulate markets and the economy for us understood something about markets and the economy. Sadly we seem to be caught in one of those ...