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LRAC CURVE: The common abbreviation for the long-run average cost curve, which is a curve depicting the per unit cost of producing a good or service in the long run when all inputs are variable. The long-run average cost curve can be derived in two ways. On is to plot long-run average cost, which is, long-run total cost divided by the quantity of output produced. at different output levels. The more common method, however, is as an envelope of an infinite number of short-run average total cost curves. Such an envelope is base on identifying the point on each short-run average total cost curve that provides the lowest possible average cost for each quantity of output. The long-run average cost curve is U-shaped, reflecting economies of scale (or increasing returns to scale) when negatively-sloped and diseconomies of scale (or decreasing returns to scale) when positively sloped. The minimum point (or range) on the LRAC curve is the minimum efficient scale.
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UNLIMITED LIABILITY A condition in which owners of a business are personally held responsible for any debts created by the business. Proprietorships and partnerships are the two types of business organizations in which owners have unlimited liability. Unlimited liability tends to restrict the size of a business and prevents large scale production. The alternative to unlimited liability is limited liability, a characteristic of corporations.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Executives who get there and stay suggest solutions when they present the problems. " -- Malcolm Forbes, business executive
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DOL
Department of Labor
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