Jaclyn,an Agent for Kilpatrick,enters into a Contract on Kilpatrick's Behalf

question 35

Multiple Choice

Jaclyn,an agent for Kilpatrick,enters into a contract on Kilpatrick's behalf with Leif that must be in writing to be enforceable under the Statute of Frauds.Under the equal dignity rule,Jaclyn's authority to enter into this contract

• A)may be oral or written.
• B)must be oral and written.
• C)must be written.
• D)cannot be oral or written.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to market equilibrium.

Equilibrium Quantity

The quantity of goods or services supplied and the quantity demanded at which their price is stable, and there is no tendency for it to change unless external factors intervene.

Allocative Efficiency

A state of resource allocation where resources are distributed in accordance with consumer preferences, maximizing overall utility.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, resulting in market balance.