The Perfectly Competitive Firm's Short-Run Supply Curve Is the

question 21

Multiple Choice

The perfectly competitive firm's short-run supply curve is the

• A)upward-sloping portion of its average total cost curve.
• B)horizontal portion of its marginal revenue curve.
• C)portion of its average variable cost curve that lies above the average fixed cost curve.
• D)upward-sloping portion of its marginal cost curve.
• E)portion of its marginal cost curve that lies above its average variable cost curve.

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Definitions:

Unidentified Principal

Refers to a situation in agency law where an agent acts on behalf of a principal, but the identity of the principal is not disclosed to the third party.

Actual Authority

The express or implied power granted by a principal to its agent, allowing the agent to perform acts on the principal's behalf, which legally binds the principal with third parties.

Apparent Authority

The appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.

Doctrine of Estoppel

A legal principle that prevents a person from asserting something contrary to what is implied by a previous action or statement by them, or by a previous relevant judicial determination.