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LIMITED LIABILITY COMPANY: A relatively new legal firm type that operates very much like a partnership, but in which every owner has limited liability. The advantage of a limited liability company, over a limited partnership, is that every owner has limited liability. It also has advantages over an S corporation in that very few restrictions exist on who can be an owner.
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TOTAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will. " -- Vince Lombardi
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AVC
Average Variable Cost
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