The Principal May Be an Individual or Entity (Such as a Corporation),but

question 68

True/False

The principal may be an individual or entity (such as a corporation),but the agent must be an individual.

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Definitions:

Cost Savings

The reduction in expenses achieved through efficiencies, economies of scale, negotiations, or eliminating unnecessary expenses.

Differential Revenue

The difference in revenue from one alternative to another, used in decision-making processes.

Differential Cost

The difference in cost between two alternative decisions, or the change in costs resulting from an increase or decrease in output.

Differential Revenue

The variation in income resulting from choosing between two different options or time frames.