The firm, Managerial Economics

The Firm

The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the unit that makes the decisions regarding the employment of the factors of production and the output of commodities. They are assumed to be aiming at maximizing profits.

Posted Date: 11/27/2012 4:50:22 AM | Location : United States







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