Figure 51 Figure 5

question 3

Multiple Choice

Figure 5.1 Figure 5.1 shows Arnold's demand curve for burritos.
-Refer to Figure 5.1.If the market price is $3.00, what is the maximum number of burritos that Arnold will buy?

• A)0
• B)2
• C)3

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Definitions:

Apparent Authority

A situation in which a reasonable person would understand that an agent had the authority to act, even if the agent didn't have such authority.

Express Agency

An agency relationship formed by explicit oral or written agreement between the agent and the principal.

Implied Agency

A situation where an agency relationship is inferred from the actions of the parties rather than an explicit agreement.

Constructive Trust

A legal remedy imposed by a court to rectify situations where someone wrongfully holds property they should not benefit from.