A person or company that has no control to dictate prices for a good or service. A price-taking firm can only decide how much of a good to supply to the market at the going price.
In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption.
In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption.
AIDS has killed more than 36 million people worldwide. There are drugs available to treat AIDS, but the price of one pill is incredibly high in the U.S. — coming in at 25 times higher than its cost. Why is that?
AIDS has killed more than 36 million people worldwide. There are drugs available to treat AIDS, but the price of one pill is incredibly high in the U.S. — coming in at 25 times higher than its cost. Why is that?
In this video, we show how the price system allows for people with dispersed knowledge and information about rose production to coordinate global economic activity.
In this video, we show how the price system allows for people with dispersed knowledge and information about rose production to coordinate global economic activity.
What if there were no prices? How would you use available resources? To appreciate why market prices are essential to human well-being, consider what a fix we would be in without them.
What if there were no prices? How would you use available resources? To appreciate why market prices are essential to human well-being, consider what a fix we would be in without them.
