Use the Following Graph to Answer the Following Questions

question 22

Multiple Choice

Use the following graph to answer the following questions:

-What is the price of a car if this is a nontrading (closed) economy?

• A) $6,000
• B) $8,000
• C) $10,000
• D) $14,000
• E) $24,000

Recognize the conditions under which an agency relationship can be terminated or altered.

Understand the concept and legal significance of apparent authority in agency relationships.

Differentiate between durable and conventional powers of attorney.

Grasp the duty of an agent to inform the principal and the scope of this duty.

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Definitions:

Sale of Goods Act

Legislation governing the sale of goods, prescribing the rights and duties of buyers and sellers.

Competition Bureau

A governmental agency responsible for enforcing laws to ensure fair competition, preventing monopolies, and promoting consumer interests.

Law Enforcement

The activity of ensuring compliance with the laws of a jurisdiction, typically conducted by police and other agencies.

Competition Act

A legal framework aiming to prevent anti-competitive practices in the marketplace, promote fair competition, and protect consumer interests.