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Price discrimination is the sale of identical goods or services transacted at different prices from the same provider. It can only be a feature of a monopolistic market in which market power can be exercised...

Philips Curve shows the inverse relationship between inflation and unemployment. So as unemployment decreases inflation rises. This is because when unemployment is low, firms have to increase wages to compet...

The short run and long run is not determined by a set period of time, but rather by which factors of production are fixed. In the short run, at least one factor of output is fixed. Whereas in the long run, n...

A monopoly is a firm with a majority market share in a particular industry. Barriers to entry are things that stop potential new entrants from entering the market, thus keeping competition in monopolistic ma...

A national minimum wage sets the minimum hourly wage rate that is acceptable by law. It is needed for a variety of reasons. It has several advantages including reducing poverty and reducing gap between rich ...