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PARTNERSHIP: One of the three basic forms of business organization (the other two are corporation and proprietorship). A partnership is a business that's owned and operated more or less equally by two or more people. The owners and the business are legally considered one and the same. As such, each owner has unlimited liability, which means that an owner is held personally responsible for any and all of the business's debts, including those made by a partner.

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MONOPOLISTIC COMPETITION AND EFFICIENCY: A monopolistically competitive firm generally produces less output and charges a higher price than would be the case for a perfectly competitive industry. In particular, the price charged by monopolistic competition is not equal to (in fact, higher than) the marginal cost of production. The equality between price and marginal cost is THE key indication that resources are allocated efficiently and that society's resources are NOT being used to generate the highest possible level of satisfaction.

     See also | monopolistic competition | market control | marginal cost | demand curve | market failure | monopolistic competition characteristics | monopolistic competition and demand | inefficiency |


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MONOPOLISTIC COMPETITION AND EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 26, 2024].


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RETURNS TO SCALE

Changes in production the occur when all resources are proportionately changed in the long run. Returns to scale come in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. Returns to scale are the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.

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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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