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"The law of comparative advantage suggests that managers should specialize in learning the tools needed to...

  1. "The law of comparative advantage suggests that managers should specialize in learning the tools needed to manage a monopoly, oligopoly, monopolistically competitive,                or perfectly competitive firm." Do you agree with this statement? Explain.
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Answer #1

No,i do not agree with the given statement as a Manager should learn to manage all the four forms of market structure be it a monopoly,an oligopoly,monopolistic competition and a perfectly competitive firm because the market structure of the industry in which the firm operates changes often due to internal and external environmental factors such as government policy,laws and regulations,innovation or supply and demand conditions.The market which were monopoly few years ago are being privatized or have been reduced to perfect competition today.

So,a manager should learn to operate and manage all types of firms because as the industry conditions changes,the firm would need to be evolved and adapt itself to the prevailing market conditions.

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