What Is the Price Elasticity of Supply? List and Briefly

question 112

Essay

What is the price elasticity of supply? List and briefly define three cases of the price elasticity of supply.

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Definitions:

Liability

Refers to legal responsibility for one's actions or omissions, typically resulting in the obligation to pay damages or compensation.

Authorized

Officially given permission or power to do something or to act in a certain capacity.

Implied Authority

Authority that is created not by an explicit oral or written agreement but by implication or inference. In agency law, implied authority of the agent can arise from custom, from the position the agent occupies, or from being reasonably necessary to carry out express authority.

Express Authority

Authority expressly given by one party to another. In agency law, an agent has express authority to act for a principal if both parties agree, orally or in writing, that an agency relationship exists in which the agent has the power (authority) to act in the place of, and on behalf of, the principal.