Which Statement Is a False Statement? Agency Agreements

question 49

Multiple Choice

Which statement is a false statement? Agency agreements

• A)are agreements of utmost good faith on the part of the agent.
• B)which are by express agreement need not be in writing to be valid.
• C)include,by definition,Powers of Attorney.
• D)entitle a third party to expect that notice to the agent constitutes notice to the principal.
• E)None of the responses are correct.

---

Definitions:

Binding Price Ceiling

A government-imposed price control set below the market equilibrium price, leading to shortages as the quantity demanded exceeds the quantity supplied at that price level.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price point.

Quantity Supplied

The amount of a commodity that producers are willing and able to offer for sale at a specific price over a defined period of time.

Binding Price Ceiling

A legal maximum price for a good or service that is set below the equilibrium price, resulting in shortages.