What's it: a monopoly is a market structure with only one seller and serving many buyers. The seller is called a monopolist. Unlike in perfectly
Microeconomics
Behavioral Economics: Importance, Examples of Concepts
What's it: Behavioral economics is a branch of economics on how psychological factors influence and explain economic decision making. It studies
Social Cost in Economics: Meaning, Components, Formulas, and Effects
What's it: Social cost is private cost plus external cost. Private cost is borne by individuals directly involved in economic transactions or
Abnormal Profit: Meaning, Formula
What's it: Abnormal profit occurs when the firm earns a higher than normal profit. It occurs when total revenue exceeds total economic costs
Marginal Benefit: Definition, Examples & Relationship With Demand Curve
What's it: Marginal benefit is an extra utility you get when adding one more consumption of goods. The utility can be satisfaction or happiness