As we have seen in the preceding sections that most of the models which together comprise the theory of oligopoly draw heavily upon the concepts and relationships between variables which constitute the basic building blocks of the traditional models of the firm. Of particular importance in this respect was the continued adherence of oligopoly models to the objective of profit maximisation despite the accumulation of contradictory evidence.
KeywordsTraditional Model Profit Maximisation Basic Building Block Cost Curve Traditional Theory
Unable to display preview. Download preview PDF.