Forbes contributors publish independent expert analyses and insights. We are thought leaders in energy from the University of Houston. This article is more than 9 years old. Forecasting the future is ...

Price Takers: Firms in perfectly competitive markets are price takers, meaning they must accept the prevailing market price ...

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 ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

Monopolistic competition sits between perfect competition and monopoly. Many firms compete, but each sells slightly differentiated products. This differentiation gives them some, but not complete, ...

The marginal product of labor is a variable used in economic theory. This variable quantifies the additional output produced by adding an additional unit of labor. The value of this variable is ...