Even After There Is an Effective Ratification, the Original Action

question 23

True/False

Even after there is an effective ratification, the original action of an agent is still considered as unauthorized.

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Definitions:

Price Increase

A rise in the cost of goods or services, affecting demand, supply, and inflation.

Optimal Consumption

The mix of goods and services that maximizes a consumer's utility given their budget constraints.

Initial Endowment

The initial quantity of goods, services, or resources an individual, institution, or country possesses at the start of an economic analysis.

Relative Prices

The price of one good or service compared to another, indicating their exchange rate in the market.