If an Agent Has No Authority but Nevertheless Contracts with a Third

question 71

True/False

If an agent has no authority but nevertheless contracts with a third party, the principal cannot normally be held liable on the contract.​

Differentiate between economic profit and accounting profit, including the inclusion of opportunity costs.

Recognize the opportunity cost of capital as a key concept in investment decisions for maintaining a firm's capital assets.

Interpret the significance of economic profit and how it differs from accounting profit in business analysis.

Identify what constitutes implicit costs and their relevance in calculating economic profit.

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Definitions:

Systematically

Done or acting according to a fixed plan or system; methodical.

Feminism

A movement and ideology aimed at defining, establishing, and achieving political, economic, personal, and social equality of sexes.

Systematically Manipulate

To control or alter variables in an organized and deliberate manner within an experiment or study.

Causal Relationship

A connection between two variables where a change in one directly causes a change in the other.