Flo Is an Administrative Assistant with Global Dispatch & Shipping

question 42

Essay

Flo is an administrative assistant with Global Dispatch & Shipping Corporation, but has no authority to sign Global Dispatch checks. Flo orders merchandise from Home & Office Furnishings Company delivered to her home and pays with a Global Dispatch check, signing "Global Dispatch & Shipping Corp. by Flo, admin. assist." Home & Office does not know that Flo has no authority to sign the check. Who is liable on the check, and why?

Describe network externalities and their impact on market outcomes.

Interpret graphical representations of marginal private and social benefits and costs.

Understand the concepts of private and external benefits in the context of public goods and common resources.

Analyze the economic implications of policies designed to correct for positive externalities.

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Definitions:

Endemic Species

Species that are native to a specific geographical area and found nowhere else in the world.

Pioneer Species

The first species to colonize barren environments or freshly disturbed lands, often initiating ecological succession.

Ecological Niche

The role and position a species has in its environment, including all its interactions with the biotic and abiotic factors.

Herbivory

The act of eating plants, typically referring to the feeding behavior of certain animals.