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What Are the Requirements for and the Effect of a Ratification

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What are the requirements for and the effect of a ratification of an agent's unauthorized act?


Definitions:

Prices Charged

The amount of money demanded by a business in exchange for its goods or services.

Long Run

A period during which all factors of production and costs are variable, allowing firms to adjust to desired levels.

Gas Station

A retail establishment that sells fuel and often other goods or services to motor vehicle customers.

Long-Run Equilibrium

A state in which all firms in an industry are making normal profit and there is no incentive for market entry or exit.

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