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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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EQUILIBRIUM QUANTITY The quantity that exists when a market is in equilibrium. Equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied. In a market graph, the equilibrium quantity is found at the intersection of the demand curve and the supply curve. Equilibrium quantity is one of two equilibrium variables. The other is equilibrium price.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for cardboard boxes.
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The average length of a "business lunch" is about 36 minutes.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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JEP
Journal of Economic Perspectives
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