An Agent May Appoint His or Her Own Agents to Carry

question 14

True/False

An agent may appoint his or her own agents to carry out his/her duties, with or without the authorization of his/her principal.

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Definitions:

Highly Inelastic

Describes a situation where supply or demand for a product or service is relatively unresponsive to changes in price.

Unit Elasticity

A situation where a change in the price of a good or service results in a proportional change in the quantity demanded or supplied.

Income Elasticity

A measure of how much the demand for a product changes in response to a change in consumers' income.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at a given price level in a given market.