All of the Following Except Which One Is a Duty

question 27

Multiple Choice

All of the following except which one is a duty of an agent?

• A) Account for money received on behalf of the principal
• B) Inform the principal of any information relevant to the agency
• C) Refrain from competing with the principal
• D) Refrain from using any information gained while an agent

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Definitions:

Economic Profit

The split between a firm's entire proceeds and its total disbursements, embracing both acknowledged and veiled costs.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, equating to the opportunity cost of the resources employed.

Normal Profit

The minimum level of profit necessary for a company to remain competitive in the market, often considered the break-even point.

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one more unit of a good or service. It is a critical concept in economics for decision-making regarding production levels.