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UNLIMITED LIABILITY: A condition in which owners are personally held responsible for any and all debts created by a business. Proprietorships and partnerships are the two kinds of businesses in which owners have unlimited liability. The primary problem with unlimited liability is that it limits the size of a business and prevents it from taking advantage of large scale production.

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for defective microphones.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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