The Firm

Takin’ Care of Business
Takin’ Care of Business

The firm is an organization engaged in the production of goods and services to consumers. Economists describe how firms operate in different markets ranging from perfect competition to monopoly.  Depending on the market in which a firm resides, issues such as branding, collusion, price discrimination and the regulatory environment all play important roles in determining profitability.

Real World Examples

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Why do fast food chains like McDonalds create high ...

Dirk Deciphers: They serve many customers -- so the total happiness cr... more
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