A term coined by MARSHALL to denote that a firm is characteristic of a particular industry or sector. It is the average firm, with ‘a fairly long life, and fair success, which is managed with normal ability, and which has normal access to the...

Economists use the term representative agent to refer to the typical individual of a certain type (for example, the typical consumer, or the typical firm). More technically, an economic model is said to have a representative agent if all agents of the...