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-Refer to Figure 15-2. The private profit-maximising quantity for the firm is
Inherent Authority
The power or authority possessed by an official body or official inherently through their position or role, not through external sources or assignments.
Proxy
A person who is authorized to vote the shares of another person. Also, the written authorization empowering a person to vote the shares of another person.
Ultra Vires
A Latin term meaning “beyond the powers”; in legal context, actions taken by a corporation or company officials that are beyond their legally granted corporate powers.
Quorum
That number of persons, shares represented, or officers who may lawfully transact the business of a meeting called for that purpose.
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