Examlex
Explain why under oligopoly conditions firms might wish to choose pricing and output strategies together.What is this arrangement called?
Agents
Individuals or entities authorized to act on behalf of others in transactions or legal matters.
Undisclosed Principal
A situation in contract law where an agent acts on behalf of a principal, but the identity of the principal is not revealed to the third party.
Personal Liability
An individual's legal responsibility to satisfy debts or obligations from personal assets, not just those tied to a particular venture or entity.
Scope of Authority
The range or extent of power that an individual or organization legally has to perform actions or make decisions.
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