The Criterion of Rarity Requires That a Resource Be Scarce

question 189

Multiple Choice

The criterion of rarity requires that a resource be scarce relative to ________.

• A) demand
• B) competitors
• C) commodities
• D) value added

---

Definitions:

Apparent Authority

A situation where a person appears to have been given the power to act on behalf of another, even if no actual authority was granted.

Undisclosed Principal

A principal whose identity is concealed from the third parties with whom the agent is dealing; the rights and obligations of the parties depend on whether the agent makes it clear that she is representing an undisclosed principal rather than operating on her own behalf.

Continuing Business

An ongoing enterprise that maintains its operations over time, adapting to changes as necessary to remain viable.

Consent

Agreement or permission for something to happen, given by someone with full understanding of what is involved.