Ratification Releases The

question 38

Multiple Choice

Ratification releases the:

• A) principal from liability.
• B) agent from liability.
• C) third party from liability for acts of the principal.
• D) principal and the third party from liability.

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Definitions:

Purely Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit into the market.

Oligopoly Market Structure

A market form in which a market or industry is dominated by a small number of sellers (oligopolists).

Single Firm

A business entity that is the sole provider of a good or service in a particular market, potentially exhibiting monopoly power.

Large Number of Firms

A characteristic of competitive markets where many firms are present, each having a small share of the market and influencing the price minimally.