Which type of authority allows purchasing managers to acquire goods and services for their companies within set limits?

The type of authority that allows purchasing managers to acquire goods and services for their companies within set limits is implied authority. Implied authority refers to the authority that is not explicitly stated but is assumed to exist based on the position or responsibilities of an individual within an organization. In the context of purchasing managers, when they are hired to manage purchasing decisions, it is generally understood that they have the authority to make those purchases up to certain limits set by the company.

This type of authority arises from the nature of the role and the expectations of the organization; it allows purchasing managers to act on the company's behalf without needing to obtain prior approval for every single transaction, as long as they operate within the defined limits.

Express authority, on the other hand, involves specific, clear instructions given to an employee about what they are allowed to do, which may not necessarily cover all aspects of their job functions. Apparent authority relates to the perceptions of third parties about the authority of an agent, which can sometimes lead to misunderstandings. Vicarious liability concerns the legal responsibility one party has for the actions of another, usually in an employer-employee relationship, rather than the authority to act on behalf of the company. Thus, implied authority best fits the scenario of