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At the beginning of their course most A-level students fall into the trap of thinking a good evaluation point is one which completely contradicts or negates their previous argument. That is not the case. ...

Supernormal profits are made when Total Revenue is greater than Total Costs. When no supernormal profits are made Total Revenue = Total Costs, (it therefore follows that Average Revenue = Average Costs).I...

The demand for a good which is elastic will react significantly to a change in price of a good. So if I was selling mars bars in a shop ( and mars bars were an elastic good) if I incre...

This a fundamental for theory of the firm. It explains the shape of the marginal product (MP) curve!

Formal Definition: When one or more factors are held fixed, there will come a p...

Monopoly power is commonly associated with oligopolists and not just monopolists.

Firms in these markets use their monopoly power to construct entry barriers such as hugely expensive adve...