Which of the Following Is True with Regard to Pricing

question 58

Multiple Choice

Which of the following is true with regard to pricing of legal services?

• A) Pricing of legal services is based on supply and demand.
• B) Being diplomatic with the attorney is not at all recommended in negotiations on the issue of pricing.
• C) The attorney's fee schedule in all four types of pricing of services is non-negotiable.
• D) Pricing of legal services is mainly constant and fixed.

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Definitions:

GDP Deflator

The GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to convert nominal GDP into real GDP.

Basket of Goods

A basket of goods is a fixed set of consumer products and services valued on a regular basis for calculating inflation or cost of living adjustments.

Teddy Bears

Soft, stuffed toys resembling bears, often used for comfort and play by children.

Consumer Price Index

An evaluative measure that calculates the weighted mean cost of a range of consumer services and goods, from food to medical care and transportation.