Which of the Following Is the Most Common Type of Agency

question 86

Multiple Choice

Which of the following is the most common type of agency?

• A)Expressed agency
• B)Implied agency
• C)Apparent agency
• D)Agency by ratification
• E)Agency by estoppel

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Definitions:

First-Move Ability

The strategic advantage gained by being the initial entrant into a new market or business segment.

Marginal Revenue

The additional income gained from selling one more unit of a good or service.

Cournot Duopoly

A model of competition between two firms, in which each firm decides the quantity to produce independently and simultaneously with the goal of maximizing profit.

Perfectly Competitive

A market structure characterized by a large number of small firms, all selling identical products, where no single firm can influence the market price.