A Lawyer Can Argue a Case in Court for One

question 168

Multiple Choice

A lawyer can argue a case in court for one hour and make $300. She could alternatively use that hour of time to type a legal brief in her office. What is the opportunity cost of her typing the legal brief?

• A) nothing, since she would never type a legal brief
• B) nothing, since she would always hire an administrative assistant to type for her
• C) $300, since that is the amount she could have made by arguing a case in court
• D) There is not enough information in this problem to be able to answer the question.

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Definitions:

Market Share

The portion of a market controlled by a particular company or product, typically expressed as a percentage of total sales in a specific industry or sector.

Operating Systems

The software that manages the hardware and software resources of a computer, providing a foundation upon which applications can be run.

Exclusive Territory

An agreed area or market where only one distributor, franchisee, or sales agent has the right to operate or sell specific products.

Predatory Pricing

The practice of selling a product or service at a very low price with the intent of driving competitors out of the market or hindering their ability to compete.