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September 18, 2014

Homework Help: Economics

Posted by Mariah on Sunday, December 10, 2006 at 5:34pm.

Do all firms in all market structures have anything in common?

I think not.

They all consist of buyers and sellers.

In Principals of Microeconomics courses, economists make several general economic assumptions (perhaps incorrectly I might add) about firms and the behavior of firms. For example, we generally assume that:
1) All firms are profit maximizers.
2) All firms make rational choices.
3) Consumers make rational choices.
4) The marginal product of inputs is almost always decreasing.

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