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 ...

In micro-economic textbooks, the main factor assumed to affect the quality of a market is the number of sellers. A single seller, termed a monopolist, is the worst because that seller has maximum ...

Paul Blacklow is affiliated with Economic Society of Australia. This article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics ...

I was recently reminded of a profound truth about the free market and the prices that sit at its center. Unfortunately, this truth is often overlooked by both critics of the market economy and by ...

Buyers and sellers meet and at the right price all products are sold Three little words. Often that is all it takes to make one’s heart beat faster. “Liberty, equality, fraternity” captured the French ...

A little less than a decade ago, after spending several years as a union staffer helping workers organize in low-wage industries, I was assigned to conduct research in support of fast food workers on ...