What Is the Difference Between a Fiduciary and an Agent

question 4

Short Answer

What is the difference between a fiduciary and an agent? What special obligations are characteristic of a fiduciary that is not an agent?

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Definitions:

Optimum Efficiency

The most favorable condition for the maximal performance and least waste of resources.

Marginal Revenue

The financial gain achieved through the sale of one more unit of a good or service.

Average Total Cost

The cost per unit of output, calculated by dividing the total cost of production by the total quantity of output.

Marginal Cost

The cost added by producing one additional unit of a product or service, crucial for making efficient production and pricing decisions.