A Disinterested Party Representing Both Buyer and Seller in a Real

question 31

Multiple Choice

A disinterested party representing both buyer and seller in a real estate sale is the

• A) broker.
• B) salesperson.
• C) escrow agent.
• D) attorney-in-fact.

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Definitions:

Perfectly Competitive

Refers to a market scenario where an unlimited number of buyers and sellers operate, and the single product offered is homogenous, making no single entity able to influence the market price.

Marginal Cost

The cost of producing one additional unit of a product or service, a crucial concept for optimizing production and pricing decisions.

Fixed Cost

Costs that do not vary with the level of output, remaining constant even if production is zero.

Variable Costs

Costs that change in proportion to the level of production or business activity, such as materials and labor directly involved in manufacturing.