Galbraith's idea that firms are controlled by a technostructure supports _________ theories?
Correct answer: A. Williamson's
- A. Williamson's
- B. classical economic
- C. Marxist
- D. monetarist
Explanation
Galbraith’s technostructure is the managerial group that controls large corporations, an idea consistent with Williamson’s managerial theories of the firm. Classical, Marxist and monetarist theories do not specifically explain managerial control in this way.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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