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.

As a small-business owner, you're probably an avid reader of financial and economic news. And like many of your colleagues, you probably scratch your head over some of the headlines you read about ...

No individual actor would have market power in a perfectly competitive market, argue economists Paul Krugman and Robin Wells in the second edition of their book "Economics." Under competitive market ...