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Theory of The Firm

Theory of The Firm. The Big Questions. COSTS How do you measure the costs and profit of a firm? How do a firm’s costs differ in the short-run versus the long-run? MARKET STRUCTURE What are the different types of competition (or cooperation) between firms in an industry?

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Theory of The Firm

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  1. Theory of The Firm

  2. The Big Questions • COSTS • How do you measure the costs and profit of a firm? • How do a firm’s costs differ in the short-run versus the long-run? • MARKET STRUCTURE • What are the different types of competition (or cooperation) between firms in an industry? • What are the advantages and disadvantages of the different types of market structure (oligopoly, monopolistic competition, perfect competition & monopoly)? • How do costs, profit and revenue vary with different market structures?

  3. What is a firm? • Plant—a physical establishment • Firm—the business organization that operates the plant • Multinational Corporation—firm that produces in multiple countries • Industry—A group of firms producing the same or similar products In the world of poultry production, what is the plant, the firm and the industry?

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