Which of the Following Is the Term Used to Describe

question 40

Multiple Choice

Which of the following is the term used to describe the duty and responsibilities of the agent as specified in the agency agreement?

• A) Duty of action
• B) Duty of contract
• C) Express duty of action
• D) Duty of performance
• E) Duty of obedience

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Definitions:

Utility

A measure of satisfaction, usefulness, or pleasure derived from consuming goods and services.

Budget Constraint

A limit on the consumption bundles that a consumer can afford given the prices of goods and the consumer's income.

Utility

The satisfaction or benefit derived from the consumption of goods and services.

Optimal Consumption Bundles

Combinations of goods and services that provide the highest utility to a consumer given his or her preferences and budget constraints.