|
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.
Visit the GLOSS*arama
|
|
|
|
Lesson 13: The Firm | Unit 3: Legal Types
|
Page: 14 of 24
|
- 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.
|
|
|
|
|
|
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.
Complete Entry | Visit the WEB*pedia |
|
|
RED AGGRESSERINE [What's This?]
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. Your Complete Scope
This isn't me! What am I?
|
|
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
|
|
MLR Minimum Lending Rate
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|