Which of the Following Is a Right That an Agent

question 11

Multiple Choice

Which of the following is a right that an agent does NOT have without express or implied agreement to the contrary?

• A)The right to be reimbursed for authorised expenses.
• B)The right to be remunerated.
• C)The right to retain possession of the principal's goods until the agent has been paid.
• D)The right to be indemnified against liabilities incurred while carrying out the principal's instructions.

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Definitions:

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of the business activity.

AVC

Average Variable Cost is the total variable costs divided by the quantity of output, representing the variable cost per unit of output.

MC = MR

An economic principle stating that to maximize profits, firms should produce up to the point where marginal cost equals marginal revenue.

MC = MR

The principle that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).