Monopolistic competition is a market structure where there is a relatively large number of small firms that sell similar but...

Public goods are goods that would not be provided in a free market despite being beneficial to society. They possess two key...

A price ceiling is a government-imposed limit on how high a price can be set for a product. This maximum price is set below the market...

Consumer Surplus and Producer Surplus are key concepts in economics that represent the benefits received by consumers and producers in a...