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UNLIMITED LIABILITY: A condition in which owners are personally held responsible for any and all debts created by a business. Proprietorships and partnerships are the two kinds of businesses in which owners have unlimited liability. The primary problem with unlimited liability is that it limits the size of a business and prevents it from taking advantage of large scale production.
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MARGINAL COST CURVE A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for neighborhood pets, especially belligerent parrots.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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LAD
Least Absolute Deviations
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