Episode Synopsis "7. Mid-Term Review and The Theory of the Firm"

The objective of the corporate firm is to maximize profits and avoid losses - the same objective of the free market. But the costs are paid out before the income comes in. Stockholders will sell stock to shake up the managers. Government firms - agencies - do not have shareholders and there are no shares to be sold.Part 7 of 14. Presented in 1986 at New York Polytechnic University.

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More episodes of the podcast Introduction to Microeconomics

• 1. Intro to Micro: Demand and Supply
• 2. Value
• 3. The Determination of Prices
• 4. Price Controls in the Oil Industry
• 5. Minimum Price Controls
• 6. Government Licensing of Industry and Minimum Wage
• 7. Mid-Term Review and The Theory of the Firm
• 8. The Firm
• 9. Monopoly and Competition
• 10. Government Cartels
• 11. The Structure of Production
• 12. Labor and Unions
• 13. The Labor Market
• 14. Interest Rates and Course Review