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Perfectly competitive firms produce up to the point where the price of the good equals the marginal cost of producing the last unit.This condition is referred to as
Professional Services
Services provided by individuals with professional qualifications or expertise, such as legal advice, medical treatments, or accounting services.
Clients
Individuals, businesses, or entities that engage the professional services of another, such as lawyers, consultants, or financial advisors, based on a mutual agreement.
Third Parties
Individuals or entities who are not directly involved in a legal contract or agreement but may be affected by its outcomes.
Ernst & Ernst v. Hochfelder
A 1976 Supreme Court case establishing that plaintiffs in securities fraud cases must prove that the defendant acted with scienter, or intent to deceive, manipulate, or defraud.
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