Who Is an Agent

question 46

Multiple Choice

Who is an agent?

• A)a party who agrees to act on behalf of another
• B)a party who employs another person to act on his or her behalf
• C)a party that directs a worker under an express or implied contract of employment
• D)a party who receives the services of another for remuneration

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Definitions:

Loss

An economic condition where expenses exceed revenues, resulting in negative profit.

Price Discrimination

Price discrimination is the strategy of selling the same product at different prices to different groups of consumers, often based on their willingness to pay, location, or purchase volume.

Disguised Subsidy

Financial support given to industries or businesses in indirect ways, not easily identifiable as traditional subsidies, to lower their costs or increase their competitiveness.

Consumer Surplus

The gap between the total sum consumers are prepared and financially able to spend on a good or service and the sum they actually spend.