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LIMITED LIABILITY: A condition in which owners are not personally held responsible for the debts of by a firm. Corporations are the main form of business in which owners have limited liability. The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 10 of 24
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Topic:
Imperfect Competition
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- A review of the two remaining market structure options -- monopsonistic competition and oligopsony.
- Monopsonistic competition is a market structure characterized by a large number of small buyers, that purchase similar but not identical inputs, have relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.
- Oligopsony is a market structure dominated by a small number of large buyers controlling the buying-side of a market.
- Both are somewhat obscure and seldom discussed buying counterparts to monopolistic competition and oligopoly sellers.
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MARGINAL PRODUCT CURVE A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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FIML
Full Information Maximum Likelihood
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