LET'S RID OURSELVES OF THE REPRESENTATIVE FIRM MODEL

LET'S RID OURSELVES OF THE REPRESENTATIVE FIRM MODEL The representative firm model is used to demonstrate that competitive markets yield leastcost production in the long run. This model is deficient in two respects The demonstration's validity is suspect and it fails to show that leastcost production occurs in the short run as well. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Studies in Economics and Finance Emerald Publishing

LET'S RID OURSELVES OF THE REPRESENTATIVE FIRM MODEL

Studies in Economics and Finance, Volume 14 (1): 7 – Jan 1, 1991

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1086-7376
DOI
10.1108/eb028696
Publisher site
See Article on Publisher Site

Abstract

The representative firm model is used to demonstrate that competitive markets yield leastcost production in the long run. This model is deficient in two respects The demonstration's validity is suspect and it fails to show that leastcost production occurs in the short run as well.

Journal

Studies in Economics and FinanceEmerald Publishing

Published: Jan 1, 1991

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