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LIMITED LIABILITY: A condition in which owners are not personally held responsible for the debts of by a firm. Corporations are the main form of business in which owners have limited liability. The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production.
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PERFECT COMPETITION, PROFIT MAXIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
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ANN REPT
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