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Figure 6-6
-Refer to Figure 6-6.A perfectly elastic supply curve is shown in
Liability Increase
A financial situation where the obligations or debts of a person or company grow.
Personal-Use Asset
An asset primarily used for the personal enjoyment or needs of an individual or family, as opposed to business or investment use.
FMV
Fair Market Value (FMV) is the price that property would sell for on the open market, between a willing buyer and seller, with neither being under any pressure to buy or sell.
Date of Contribution
The specific day on which an asset or financial investment was contributed or transferred to a particular entity or project.
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