The fourth in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents.
This study resource looks at the concept of revenue, the income that a firm receives from the sale of a good or service to its customers. It looks at:
- Total, average and marginal revenue
- “Price makers” and “price taker” firms
- Shape of a firm’s revenue curve.
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