Final answer:
The theory of the firm's lessons discussed competition, large-scale production, and market imperfections, emphasizing the role of policymakers in maintaining market balance.
The functional perspective rationalizes social stratification as essential for motivating individuals to pursue advanced education for high-skill jobs.
Step-by-step explanation:
The discussions on the theory of the firm provided three vital lessons: the benefits of competition, the cost-lowering advantages of large-scale production, and the imperfect nature of real-world markets.
Considering these aspects, government policymakers are faced with the critical task of deciding the extent of intervention required to maintain a balance between economies of scale and the potential for a competitive market to deteriorate as firms expand, notably through mergers. This balance is crucial to sustaining an innovative, consumer-friendly, and efficiently priced market environment.
Furthermore, a functional perspective, as seen in the Davis-Moore thesis, would consider the economic system as a highly efficient entity, designed for maximum efficiency, with social stratification seen as necessary to motivate individuals into high-skill, high-reward professions through better and longer education, hence justifying higher prestige and salaries in such careers.