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KINKED-DEMAND CURVE ANALYSIS: An analysis that seeks to explain rigid oligopolistic prices using the kinked-demand curve. The kinked demand curve contains two distinct segments, one for higher prices that is more elastic and one for lower prices that is less elastic. The corresponding marginal revenue curve contains a vertical segment at the existing or initial quantity. Because a profit-maximizing oligopolistic firm equates marginal cost to marginal revenue, marginal cost also can take on a range of values at the existing quantity. In other words, marginal cost can increase or decrease without inducing a profit-maximizing oligopolistic firm to change price or quantity.
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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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HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for defective microphones.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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IRR
Internal Rate of Return
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