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Demand, Technology, and the Theory of the Firm

In: New Perspectives on Industrial Organization

Author

Listed:
  • Victor J. Tremblay

    (Oregon State University)

  • Carol Horton Tremblay

    (Oregon State University)

Abstract

One of our goals is to understand the forces that influence firm behavior. The principal constraints derive from consumers (demand), nature (technology), and competitors. Demand derives from consumers who strive to maximize their utility or satisfaction within their budget and other constraints. When tastes are under the full control of consumers, firms take market demand as given. That is, demand is exogenously determined. This is the basis of consumer sovereignty—consumer preferences determine what firms produce.

Suggested Citation

  • Victor J. Tremblay & Carol Horton Tremblay, 2012. "Demand, Technology, and the Theory of the Firm," Springer Texts in Business and Economics, in: New Perspectives on Industrial Organization, edition 127, chapter 0, pages 25-54, Springer.
    • Handle: RePEc:spr:sptchp:978-1-4614-3241-8_2
    DOI: 10.1007/978-1-4614-3241-8_2
    as

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