Examlex
Suppose a decrease in world demand for potash (used in the production of fertilizer) decreases the price from $400 per tonne to $240 per tonne.Annual Canadian production decreases from 12 million tonnes to 8 million tonnes.What is the elasticity of supply of Canadian potash?
Joint Ventures
A business agreement between two or more parties to develop a new entity and new assets by contributing equity.
Common Laws
Laws that have developed through court decisions, traditions, and legal precedents rather than through legislative statutes.
Agency
A legal relationship in which one party (the agent) acts on behalf of another party (the principal) in dealing with third parties.
Limited Liability Partnership
A limited liability partnership (LLP) is a legal entity where partners have limited liabilities, protecting their personal assets from business debts and obligations.
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