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Demonstrate graphically an industry's optimal price and output level when it is organized as a monopoly versus organized as a perfectly competitive market.
Contract
An agreement that is enforceable by law, involving two or more parties, which stipulates their duties and entitlements.
Ratification
The act of officially approving an agreement or treaty, often by a vote or other formal decision.
Real Authority
The actual power given to an agent or representative to act on behalf of another person or entity in legal or business matters.
Apparent Authority
The appearance or assumption of authority based on the actions or statements of the principle, leading a third party to believe that an agent has the authority to act.
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