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Market structure depicts how firms are differentiated and categorised based on the types of goods they sell and how their operations are affected by external factors and elements. Learn about the main forms of market structure (perfect competition, imperfect competition, oligopoly, monopoly, etc.) and their characteristics, examples, and history.
Price mechanism is the manner in which price affects supply and demand of goods and services, and how buyers and sellers negotiate prices. Learn about the working, examples, and applications of price mechanism in economics, auctions, and other contexts.
A market is a system of exchange where buyers and sellers interact to determine prices and allocate resources. Learn about the different types of markets, such as perfect, imperfect, free, and controlled, and how they operate in the economy.
Perfect competition, also known as atomistic competition, is a theoretical model of a market with many buyers and sellers, homogeneous products, and no barriers to entry or exit. Learn about the idealizing conditions, the implications, and the history of this concept in economics.
Learn about the concept of competition in economics, the different types of market structures, and the factors that influence competition. Find out how competition affects prices, products, and performance of firms and markets.
Microeconomics is a branch of economics that studies the behavior and decisions of individuals and firms in allocating scarce resources and interacting in markets. It uses concepts such as utility, demand, supply, and market failure to analyze the efficiency and welfare of economic outcomes.
Learn how supply and demand is an economic model of price determination in a market, with graphical representations and examples. Explore the factors that affect supply and demand curves, such as prices, costs, technology, expectations, and market structure.
Market power is the ability of a firm to influence the price of a product or service by manipulating supply or demand. Learn how market power is measured, regulated, and affected by different market structures, such as perfect competition, monopolistic competition, oligopoly, and monopoly.