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In the Long Run, the Economy Is

question 301

Multiple Choice

In the long run, the economy is:


Definitions:

Unlimited Liability

A legal structure in which the business owners are personally responsible for all of the company's debts and obligations.

General Partnership

A partnership that involves a complete sharing in both the management and the liability of the business.

Limited Liability

A legal structure that limits an owner's loss to the amount invested in a company, protecting personal assets from the company's debts and obligations.

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