A Person Who Undertakes to Make a Contract on Behalf

question 22

True/False

A person who undertakes to make a contract on behalf of another person gives an implied warranty that he is in fact authorized to make the contract on behalf of the person he purports to represent.

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Definitions:

Union Wage Advantage

The higher wages earned by unionized workers compared to their non-union counterparts due to collective bargaining.

Misallocation

The inefficient distribution of resources, often leading to missed opportunities or wasted potential.

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Efficiency Loss

The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unattainable, leading to a mismatch between supply and demand.