In a Large Metropolitan Market, It Is Relatively Easy to Set

question 106

Multiple Choice

In a large metropolitan market, it is relatively easy to set up a law office. The ease of entry explains why you will find hundreds of lawyers listed in the Toronto phone book. Each lawyer is a close substitute for another but with slight differences. Which of the following market structures best describes the one in which lawyers operate?

• A) monopolistic competition
• B) pure competition
• C) oligopoly
• D) perfect monopoly

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Definitions:

Zoned

Pertains to areas designated for specific uses, such as residential, commercial, or industrial, under local land use regulations.

Voidable

A legal term describing a transaction or action that is valid until annulled by one of the parties involved, usually because of factors like misrepresentation or coercion.

Puffing

In sales, puffing refers to exaggerated or hyperbolic statements about a product or service that are subjective opinions, not intended to be taken as facts.

Fraud In The Execution

A deceitful practice in legal dealings where a person is deceived into signing a document not knowing its true nature.