Monopolies are quite common in business. If you offer a product or service that no one else has, then you possess a monopoly. In time, competitors probably will aim to match or improve upon your ...

Learn how monopolies maximize profits by equating marginal cost and revenue. Discover the economic principles guiding price and output decisions in monopoly markets.

Businesses of all sizes, including small businesses, can benefit from a basic understanding of specific economic concepts. Beyond the basic concepts of supply and demand, a small business owner must ...

Katharine Paljug is a financial writer and editor with over a decade of industry experience. Her writing has covered nearly every aspect of the financial world, from investing in forex to paying for ...

Marginal revenue measures extra income from producing one more unit. Compare marginal revenue and cost to decide on production adjustments. Track marginal revenue changes to set optimal production and ...