If an Agent Competes with His Principal Without the Principal's

question 358

Multiple Choice

If an agent competes with his principal without the principal's consent:

• A) he is violating his duty of obedience and performance
• B) he is violating his duty of cooperation
• C) he is violating his duty to reimburse
• D) he is violating his duty to play fair
• E) none of the other choices are correct

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time, often depicted as a point on a demand curve.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, usually to protect consumers.

Price Floor

A government or regulatory minimum price that must be paid for a good or service, intended to prevent prices from falling too low.

Shortage

A market condition where demand exceeds supply.