Examlex
Suppose a change in health care laws increases the cost of hiring an employee.We can expect output in the short run to ________ and output in the long run to ________.
Principal
In a legal context, a principal can also refer to the person who has authorized another (an agent) to act on their behalf.
Apparent Authority
A situation where a person appears to have the authority to act on behalf of another, even if such authority has not been explicitly given.
Agent
Someone authorized to act on behalf of another person or entity, often in business transactions or legal matters, with certain duties and powers.
Ratification
Ratification is the act of officially approving an agreement or contract, making it valid, or the process of confirming and accepting unauthorized actions by an agent on behalf of a principal.
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