Even After an Agency Relationship Has Terminated, There Are Circum?stances

question 31

True/False

Even after an agency relationship has terminated, there are circum?stances under which a principal may be bound by his or her agent's act.

---

Definitions:

Monopolistic Competitors

Firms in a market structure characterized by many sellers offering products that are similar but not identical, leading to non-price competition.

Large Firms

Entities that operate on a grand scale across various sectors, typically characterized by significant market share, extensive operations, and high revenue.

Average Total Cost Curve

A graphical representation in economics showing the average total cost of production at different levels of output.

Demand More Elastic

A situation where the quantity demanded of a good or service is highly responsive to changes in its price.