A Paper Mill Discovers a Cheaper Way to Get Power

question 146

Multiple Choice

A paper mill discovers a cheaper way to get power, and they adopt the new technology. Which of the following will likely happen in the market for paper?

• A) The demand for paper will increase.
• B) The supply of paper will increase.
• C) The supply of paper will remain constant.
• D) The supply of paper will decrease.

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Definitions:

Implied Authority

The power assumed by an individual as part of their role or position, enabling them to perform tasks or make decisions inherent to their duties.

Express Authority

The power granted to an agent explicitly by the principal, typically through direct, clear instructions.

Principal's Express Statements

Direct and clear statements made by a principal (the person who has given authority to another, the agent, to act on their behalf) regarding their intentions, instructions, or policies.

Express Ratification

The explicit approval or confirmation of a previously unauthorized act or agreement.