Table 3-2 -Refer to Table 3-2. the Opportunity Cost of One Kg

question 70

Multiple Choice

Table 3-2

-Refer to Table 3-2. The opportunity cost of one kg of butter for Lee is:

• A) 3/2 kg of rice
• B) 4/3 kg of rice
• C) 3/4 kg of rice
• D) 2/3 kg of rice

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Definitions:

Ratify

To officially approve or confirm, often used in the context of validating agreements or contracts.

Actual Authority

The power that an agent or representative has been formally given by a principal to conduct specific acts.

Apparent Authority

Apparent Authority deals with the perception by a third party that an agent has the power and authority to act on behalf of the principal, even if such authority hasn't been explicitly granted.

Time

In a general sense, it refers to the continued sequence of existence and events occurring in an irreversible succession from the past, through the present, to the future.