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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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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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MARGINAL REVENUE, MONOPOLY The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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BVAR
Bayesian VAR (Vector Autoregression)
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