Valdyn,Jacob,and Bob Have Just Finished a Review of Their Business's

question 21

Multiple Choice

Valdyn,Jacob,and Bob have just finished a review of their business's legal expenses for the past year.While there has been an increase,it hasn't been substantial enough to warrant changing their ad hoc retainer relationships with either Sheps & Shaps LLP or Dunn & Wright LLP.What is the meaning of "ad hoc" in this instance?

• A) The professional responsibilities of each firm are identical.
• B) The firms receive annual retainers.
• C) The relationships are regularly reviewed for cost effectiveness.
• D) The firms are hired on a project basis rather than as permanent employees.

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Definitions:

Budget Constraint

A financial limit that represents the combination of goods and services a consumer can purchase with their limited income.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor willing to work and the wage rate.

Indifference Curves

A graphical representation used in economics to show different combinations of two goods that give a consumer equal satisfaction and utility.

Utility Maximizes

The behavior of consumers to obtain the greatest satisfaction from their choices, given their resources.