Self-Dealing-Although Fully Disclosed-Is Not Permitted in a General Partnership

question 50

True/False

Self-dealing-although fully disclosed-is not permitted in a general partnership.

---

Definitions:

Profit

The financial gain attained after subtracting total expenses from total revenues.

Competitive Price-Taker

A business that has no control over the market price and must accept the prevailing market price set by supply and demand forces.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold.

Market Price

The present cost at which a good or service may be purchased or sold on the market.