Theory of the Firm

Theory of the Firm

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The theory of the firm consists of a number of economic theories that describe, explain, and predict the nature of the firm, company, or corporation, including its existence, behavior, structure, and relationship to the market. Firms exist as an alternative system to the market-price mechanism when it is more efficient to produce in a non-market environment. For example, in a labor market, it might be very difficult or costly for firms or organizations to engage in production when they have to hire and fire their workers depending on demand/supply conditions. It might also be costly for employees to shift companies every day looking for better alternatives. Thus, firms engage in a long-term contract with their employees to minimize the cost.show more

Product details

  • Paperback | 96 pages
  • 152 x 229 x 6mm | 150g
  • Pon Press
  • United States
  • English
  • black & white illustrations
  • 6136088827
  • 9786136088822