Apparent Authority Is Determined by the Representation of the Agent

question 148

True/False

Apparent authority is determined by the representation of the agent.

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Definitions:

Explicit Costs

Explicit costs are direct, out-of-pocket payments for resources or services needed for production, such as wages, rent, and materials; they're easily quantifiable and recorded.

Explicit Costs

Direct, out-of-pocket expenses incurred in conducting a business activity or making a decision.

Accounting Profits

The financial gains of a company calculated by subtracting total expenses from total revenues according to standard accounting practices.

Economic Profits

The financial difference between what a business earns in total revenue and what it spends, considering both explicit and indirect costs.