Employing a Lawyer to Draft and Enforce a Private Contract

question 204

Multiple Choice

Employing a lawyer to draft and enforce a private contract between parties wishing to solve an externality problem is an example of

• A)an opportunity cost.
• B)an implicit cost.
• C)a sunk cost.
• D)a transaction cost.

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Definitions:

Selection Process

The series of steps taken by an organization to recruit and hire qualified candidates from a pool of applicants, involving stages such as screening, interviewing, and testing.

Recruitment

The process through which the organization seeks applicants for potential employment.

Background Checks

The process of verifying the personal, financial, and criminal records of an individual, commonly used by employers as part of the hiring process.

Qualifications

The skills, knowledge, or experience required to perform a specific job or task.