Suppose a Plaintiff Hires a Lawyer to Represent Her in a Court

question 62

Multiple Choice

Suppose a plaintiff hires a lawyer to represent her in a court case.The lawyer will receive a share of the settlement if the plaintiff wins.Under this contract,

• A) production efficiency cannot be achieved.
• B) the client bears all of the risk.
• C) the lawyer bears all of the risk.
• D) the risk is shared.

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Definitions:

Horizontal Demand

A market situation where the demand for a product remains constant regardless of changes in its price.

Entrepreneurs

Individuals who, rather than working as employees, found and run small businesses, assuming all the risks and rewards of the venture.

Technological Change

Refers to the improvements and innovations in technology that enhance productivity or enable new products and services.

Own Wealth

The total value of all financial and non-financial assets owned by an individual or entity, minus any liabilities.