The document summarizes key concepts from Chapter 2 of a managerial economics textbook. It discusses [1] the assumptions of the neoclassical profit-maximizing model of the firm, including that firms maximize profits, act as single entities, and have perfect certainty. It then [2] contrasts this with managerial models where managers' interests may differ from shareholders and firms are run to maximize sales or manager utility. [3] The behavioral model views firms as coalitions of individuals who "satisfice" rather than optimize objectives.