Norton Grants an Ordinary Power of Attorney to Olena to Locate

question 52

Multiple Choice

Norton grants an ordinary power of attorney to Olena to locate potential real estate investment opportunities on Norton's behalf. This power will terminate on Norton's​

• A) ​taking advantage of one of the investment opportunities.
• B) ​death or incapacity.
• C) ​sixty-fifth birthday.
• D) ​hiring an actual attorney to exercise the power granted to Olena.

Analyze the concept of price discrimination, including its conditions and outcomes.

Recognize the economic implications of monopoly on long-run profit potential and market entry barriers.

Identify and understand different sources and consequences of natural monopoly.

Examine the absence or presence of supply curves in monopolistic markets.

---

Definitions:

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior.

Comparative Advantage

A situation in which a person or country can produce a specific product at a lower opportunity cost than some other person or country; the basis for specialization and trade.

Utility-Maximizing

The economic principle that individuals or firms seek to get the greatest satisfaction or profit from their resource choices.

Utility

The satisfaction or benefit derived from consuming goods or services.