This paper provides a generalization of the profit function by relaxing the assumption of price-taking behaviour. The resulting profit-maximization problem is analyzed, and forms of a generalized profit function and their properties are established under alternative assumptions about the functional form of the (inverse) output demands and input supplies faced by the firm.

Key Words: imperfect competition; non-price-taking behaviour; producer theory.

JEL Classification Numbers: D21, D43, L13.