The document provides an overview of the neoclassical model of the firm and criticisms of its assumptions. [1] It outlines the key assumptions of the neoclassical model which are that firms aim to profit maximize, can be treated as single entities, and operate with perfect certainty. [2] It then discusses criticisms from the managerial school that managers' interests may differ from shareholders and they have discretion, leading to alternatives like sales maximization or utility maximization models. [3] Overall the document introduces different economic models of firm objectives and behavior.