Market Structures Are Categorized by the Following Two Criteria

question 27

Multiple Choice

Market structures are categorized by the following two criteria:

• A)the number of firms and the size of the firms
• B)whether or not products are differentiated and the extent of advertising
• C)the number of firms and whether or not products are differentiated .
• D)the size of the firms and the extent of advertising

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Definitions:

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.

Implied Ratification

Acceptance or approval of an act or agreement by behavior that suggests agreement, without express confirmation.

Principal's Rights

The legal rights attributed to the principal in an agency relationship, including the right to direct and control the agent's conduct in matters within the scope of the agency.