Examlex
Suppose a consumer is currently spending all of her available income on two goods: music CDs and DVDs. If the price of a CD is $9, the price of a DVD is $18, and she is currently consuming 10 CDs and 5 DVDs, what is the consumer's income?
Fiduciary Duty
A legal obligation of one party to act in the best interest of another when managing another person’s assets, involving a relationship of trust and confidence.
Independent Contractor
An individual or entity contracted to perform work for another entity as a non-employee, responsible for their own taxes and benefits.
Agent
Someone who is authorized to act on behalf of another person (the principal), especially in business or legal matters.
Apparent Authority
A situation where a person appears to have the authority to act on behalf of another person or company, leading others to rely on that apparent authority.
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