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April 13, 2021 

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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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QUANTITY: In a market, the amount of a good that is bought, sold, or traded among buyers and sellers. In a standard market diagram, quantity is displayed on the horizontal axis.

     See also | market | good | horizontal axis | demand | supply | quantity demanded | quantity supplied | demand price | supply price | equilibrium quantity | equilibrium price | shortage | surplus | market adjustment |


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QUANTITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: April 13, 2021].


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MINIMUM EFFICIENT SCALE

The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale achieves production of a good at the lowest possible opportunity cost. In other words, it is not possible to produced a good at any lower cost than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.

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