Paralegals Who Own Their Own Businesses and Perform Specified Types

question 96

Multiple Choice

Paralegals who own their own businesses and perform specified types of legal work for attorneys on a contract basis are called_____ paralegals.

• A) free
• B) for-hire paralegals
• C) independent contractors
• D) private paralegals

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Definitions:

Competitive Markets

Markets where multiple firms are in rivalry to attract consumers, characterized by free entry and exit, leading to efficient outcomes.

Price Increases

An upward adjustment in the cost of goods or services, typically reflecting higher production costs or increased demand.

Economic Rents

Earnings that exceed the minimum amount necessary to keep a factor of production in its current use.

Aggregate Production

The total output of goods and services produced by an economy over a specific time period.