The Study of Microeconomic Theory Focuses on the

question 22

Multiple Choice

The study of microeconomic theory focuses on the

• A)Structure and performance of individual markets and the operation of the price system.
• B)Operation of the entire economy.
• C)Role of the banking system in the economy.
• D)Interaction of international trade and domestic production of goods and services.

---

Definitions:

Business Law

The body of law that governs business and commercial transactions, including contracts, property, and liability.

Undisclosed Principal

A principal whose identity is not revealed by the agent to the third party during a transaction, creating legal implications concerning the agent's liability.

Disclosed Principal

A principal whose identity is made known by the agent to a third party at the time of entering into a contract, which directly affects the liability and obligations under the contract.

Partially Disclosed Principal

In a transaction context, this refers to a situation where the agent reveals the existence of a principal but does not disclose the principal's identity to the third party.