Learn what a price taker is, see examples in competitive markets like grain and oil, and understand how they differ from price makers in economics.

Learn how market power allows firms to influence prices by altering supply or demand, enhance profit margins, and control market barriers. Discover real-world examples.

Buyers and sellers meet and at the right price all products are sold Three little words. Often that is all it takes to make one’s heart beat faster. “Liberty, equality, fraternity” captured the French ...

I was recently reminded of a profound truth about the free market and the prices that sit at its center. Unfortunately, this truth is often overlooked by both critics of the market economy and by ...

GDP is the common measure of economic performance. Under ideal conditions, GDP growth implies an overall improvement in the economy’s performance. However, nearly half of GDP is produced in sectors ...

A little less than a decade ago, after spending several years as a union staffer helping workers organize in low-wage industries, I was assigned to conduct research in support of fast food workers on ...

In strong competitive markets, sellers are rewarded for treating their customers well and punished when they treat them poorly. Economic data show that markets have failed in this regard. Despite ...