In Many States,an Operating Agreement Is Not Required for a Limited

question 9

True/False

In many states,an operating agreement is not required for a limited liability company to exist.

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Definitions:

Monopolistically Competitive

Refers to a market structure where many companies sell products that are similar but not identical, allowing for some degree of market power and product differentiation.

Positive Economic Profits

Situations where a firm's total revenues exceed all its costs, including opportunity costs, indicating that it is earning more than the minimum required to stay in business.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for slight differentiation and some control over pricing.

MR = MC

A condition in economics where marginal revenue equals marginal cost, often used to determine the optimal level of output in perfectly competitive markets.