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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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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 9 of 22
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- The cost side of the firm's production can be conveniently displayed using the U-shaped cost curves:
- Average Total Cost (ATC): This curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.
- Marginal Cost (MC): Like the average total cost curve, the marginal cost curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.
- Both curves play important roles in the analysis of the short-run production decision for monopolistic competition.
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LONG-RUN PRODUCTION ANALYSIS An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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Lombard Street is London's equivalent of New York's Wall Street.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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SEBI
Bombay Stock Exchange (India)
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