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MARGINAL UTILITY CURVE: A curve illustrating the relationship between the marginal utility obtained from consuming a good and the quantity of the good consumed. The marginal utility curve can be used to derived the demand curve, which is discussed in detail in the entry on marginal utility and demand. If you've nothing better to do for the moment, let's derive a marginal utility curve.
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Lesson 13: The Firm | Unit 3: Legal Types
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Page: 18 of 24
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In this unit, you should have learned about:- The three basic legal types of firms -- proprietorship, partnership, and corporation.
- The proprietorship type of firm in which the a single person owns the firm, makes the decisions, receives the rewards, and is responsible for the debts.
- The partnership type of firm in which two or more people own the firm, make the decisions, receive the rewards, and are responsible for the debts.
- The corporation type pf firm in which ownership can be shared by a large number of people with limited liability for company debts.
- Three relatively new types of firms that offer small scale control with limited liability, including limited partnership, S corporation, and limited liability company.
- The importance of limited liability and unlimited liability in each of the firm types.
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RECOGNITION LAG The time lag that it takes to identify and document the existence of an economic problem that might require government action. The recognition lag arises because it takes time to collect and analyze economic data; to verify that an actual problem exists. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are decision lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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EU
European Union
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