Hana Indicates That She Is Acting as an Agent on Behalf

question 126

Multiple Choice

Hana indicates that she is acting as an agent on behalf of an unidentified client-In-Flight Service Inc.-when she enters into a contract with Jet Airlines. Liability to the airline for nonperformance of the contract may be imposed on

• A)none of the choices.
• B)Hana and In-Flight.
• C)Hana only.
• D)In-Flight only.

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product that is identical across suppliers.

Profit-Maximizing Condition

A state where a firm's marginal cost is equal to its marginal revenue, leading to the highest possible profit.

Resource Use

Involves the allocation and utilization of resources such as capital, labor, and materials efficiently in the production of goods and services.

Resource Demand

The need or desire for specific resources in order to produce goods or services within an economy.