In Which of the Following Circumstances Would a Buyer Be

question 33

Multiple Choice

In which of the following circumstances would a buyer be indifferent about buying a good?

• A)The amount of consumer surplus the buyer would experience as a result of buying the good is zero.
• B)The price of the good is equal to the buyer's willingness to pay for the good.
• C)The price of the good is equal to the value the buyer places on the good.
• D)All of the above are correct.

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Definitions:

Express Authority

Actual authority that the principal has manifested to the agent in very specific or detailed language.

Implied Authority

Actual authority given to an agent to bind his or her principals and to act in a way that the agent reasonably believes is necessary to perform his or her duties.

Indemnify

To reimburse or promise to reimburse another from loss. To act as security or protection against a loss.

Special Agent

An agent that is employed to conduct a single transaction or a small, simple group of transactions.