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The Behavior of Firms

In: PRICE THEORY AND APPLICATIONS

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  • Steven E. Landsburg

Abstract

Individuals demand goods and services; firms supply them. Just as our study of individual consumers’ behavior led us to a deeper understanding of demand, a study of firms’ behavior will lead us to a deeper understanding of supply.All firms are created and owned by individuals. Some, like many corner bodegas, have one owner, whereas others, like the General Electric Corporation, have many thousands of owners (in this case, the General Electric stockholders). In some firms, the owner or owners exert considerable day-to-day control over operations, whereas in others, salaried managers serve these functions. With such diversity in the size, nature, and organization of firms, you might wonder how it could be possible to make any statements at all about the behavior of firms in general…

Suggested Citation

  • Steven E. Landsburg, 2024. "The Behavior of Firms," World Scientific Book Chapters, in: PRICE THEORY AND APPLICATIONS, chapter 5, pages 145-168, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811263316_0005
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