The relationship of demand and supply determines market prices. A balance of demand and supply factors determines an equilibrium price. When demand or supply, or both, shifts or moves, the equilibrium price changes.
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An <u>implied agency</u> occurs when a principal and an agent do not expressly create an agency but is inferred from the conduct of the parties.
<u>Explanation</u>:
A principal is a person who is employed by another person to work on behalf of him. The principal has an authority to appoint the independent contractor into the contracts.
The agreement express agency is the agency of power of attorney. The agent is given power to control the legal document through the express agency agreement. Power of attorney provides the authority to the agent to sign the legal documents on behalf of the principal.