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LIMITED PARTNERSHIP: A partnership in which one or more of the partners/owners has/have limited liability. This differs from regular partnerships in which each partner has unlimited liability. The limited partnership legal structure was created to provide liability protection to "partners" seeking investment opportunities, who did not want to participate in the actual management of the firm. While these limited partners are very much like corporation shareholders, the difference is that at least one partner must have unlimited liability.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 20 of 24
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- Should the firm's workers form a labor union that controls the total supply of labor, then it is a monopoly.
- This diagram illustrates the situation in the firm's factor market with monopoly control by the labor union.
- The factor price is higher and the quantity of labor services exchanged is less than under the efficiency benchmark of perfect competition.
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SCARCITY A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for high interest rates.
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A half gallon milk jug holds about $50 in pennies.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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IBS
International Bank for Settlements
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