Examlex
"A shortage is the same thing as scarcity." Do you agree or disagree with this statement? Why? What can cause a shortage to disappear in a market? What can cause scarcity to disappear?
Authorized
Officially given permission or power to do something.
Actual Authority
The express and implied powers granted by a principal to an agent to act on the principal’s behalf.
Apparent Authority
The appearance or assumption of authority based on the actions or words of the principal, which a third party reasonably believes the agent has.
Implied Authority
Authority of an agent that is not expressly granted but rather implied by the actions, situation, or responsibilities given to the agent.
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