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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.

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Lesson 13: The Firm | Unit 3: Legal Types Page: 14 of 24

Topic: Partnership <=PAGE BACK | PAGE NEXT=>

  • A partnership:

  • A partnership is a firm owned and operated, more or less equally, by a two or more people. Each partner shares in the ownership, operation, rewards, and costs of the firm.
  • Let's consider the pluses and minuses of a partnership.

    • Advantages: On the pro side, multiple owners increase the amount of capital that can be accumulated.

    • Disadvantages: The primary con of a partnership, like that of proprietorship, is unlimited liability.

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OLIGOPSONY

A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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