Perfect competition is theoretical. Understand how to identify real-world barriers, and explore how economists view its ...

Explore the main factors affecting competition in microeconomics, including product differentiation, barriers to entry, and the role of market structures.

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 ...

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 ...