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Structural unemployment is the permanent decrease of elimination of a specific kind of job within a 'sunset' industry, an industry that is becoming obsolete because consumers are no longer demanding this...

Aggregate demand is based on four components. These are: consumption, investment, government spending and net exports. The equation for this is AD = C + I + G + (X-M). Net exports is the amount of exports...

Difference 1. In a perfectly competitive market marginal revenue is equal to average revenue at all quantity of production and the price for all firms is set at the same value. By contrast, in a monopoly ...

A price ceiling is when a maximum price is set on a good. For a price ceiling to be effective, it must be set below the free-market price. This causes excess demand (a shortage), which might cause people ...

Perfect competition is a market structure dominated by many firms. No individual firm is capable of affecting the market supply curve, so one firm cannot affect the market price; the firms are price take...