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Oligopolies are interdependant as the success of their price strategy relies on the reaction of other oligopoly firms in the market. If an oligopoly decided to increase the price of it's output, they w...

Productive efficiency can be demonstrated by the firm's price relative to the Short Run Average Total Costs curve. By selling output at P₁, (where MR=MC), it is selling at the minimum point ...

In the short run there is a lack of firms in the industry as it is still new and firms have little incentive to enter it yet. This low supply of firms in the market means the market ruling price will b...

Currency and the Exchange rate can be a difficult topic to get your head around. I found a little cheat for remembering the different impacts of weaker or stronger currencies : SPICED which stands for ...

First, think of 'elasticity' as a general word.it means "ability stretch". Therefore elasticity of demand could be understood to be how demand of a certain commodity strecthes or reacts in re...