Evaluate the following statement: "Managers should specialize by acquiring only the tools needed to operate in a particular market structure. That is, managers should specialize in managing either a perfectly competitive, monopoly, monopolistically competitive, or oligopoly firm."

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19 July, 07:18

Evaluate the following statement: "Managers should specialize by acquiring only the tools needed to operate in a particular market structure. That is, managers should specialize in managing either a perfectly competitive, monopoly, monopolistically competitive, or oligopoly firm."

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Esther Drake · Answer 1

Managers should not specialize in learning to manage a particular type of market structure. Market structure generally evolves over time, and managers must adapt to these changes.

Explanation:

Manager is a person who is responsible for administrating and controlling the company or an organization.

The market structure defines the characteristics of the market. The characteristics are associated with the pricing of the product and competitive nature of the product.

The manager should be specialized in making the market structure so as to withstand the competition. The managerial person should be talented and experienced with handling the company in different situation. The manager should adapt to any changes in the firm.