Ratification May Occur with Respect to Either an Act of an Agent

question 33

True/False

Ratification may occur with respect to either an act of an agent who has exceeded the authority given or an act by someone who has not been appointed an agent at all.

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Definitions:

Efficient Price

Price level at which the quantity demanded and supplied in a market are at equilibrium, leading to an optimal distribution of resources.

Common Resources

Resources like air or water that are not owned by anyone, cannot be consumed by one user without reducing available supply for others, and are available to all.

Private Market

A market in which transactions occur directly between private sector buyers and sellers without significant government regulation or intervention.

Marginal Social Benefit

The additional benefit to society as a whole from producing or consuming one more unit of a good.