-Refer to Figure 7

question 31

Multiple Choice

-Refer to Figure 7.3.The total utility from consuming 2 slices of pie is

• A) 4.
• B) 7.
• C) 12.
• D) 15.

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Definitions:

Framework Agreement

A long-term agreement with suppliers that sets out terms and conditions under which specific purchases (calls-offs) can be made throughout the term.

Direct Authority

Authority given to an individual within an organization where they have the power to make decisions and expect those decisions to be followed.

Express Authority

Legal power explicitly granted to an individual or organization to perform certain actions or make decisions.

Apparent Authority

Refers to a situation where a third party reasonably believes an agent has the authority to act on behalf of a principal, even if the agent does not have such authority.