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If marginal product is equal to average product, then total product is at a maximum.
Limited Liability Corporation
A business structure that offers its owners protection from personal liability for the debts of the company, while allowing them to enjoy the tax and operational benefits of a partnership.
Sole Proprietorship
A simple business structure where a single individual owns, manages, and is responsible for all aspects of the business, including liabilities.
Partnership
A form of business where two or more people agree to contribute resources to start and operate a business together.
Entrepreneur
An individual who creates, organizes, and operates a business venture, taking on greater than normal financial risks in order to do so.
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