A Broker Operating Under A(n)________ Contract Is Entitled to a Commission

question 48

Multiple Choice

A broker operating under a(n) ________ contract is entitled to a commission only if he was the first to find a ready,willing,and able buyer.

• A)open listing
• B)exclusive right to sell
• C)exclusive agency listing
• D)exclusive right

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to no single buyer or seller having control over prices.

Economic Profits

Economic profits refer to the excess income earned by firms after accounting for both explicit and implicit costs, serving as a measure of efficiency and profitability.

Creative Destruction

A process where new innovations lead to the demise of older technologies or businesses, driving economic growth and progress.

Internet

A global network of interconnected computer networks that enables users to share information and communicate over vast distances.