The Normal Approach for the Engagement of the Services of an Architect

question 20

Multiple Choice

The normal approach for the engagement of the services of an architect is through a contract. Under the terms of the contract, the architect is usually expected to:

• A) Perform their duties in accordance with the professional code of conduct.
• B) Complete the work in accordance with professional standards.
• C) To have a duty of care to the client.
• D) Perform the work in accordance with the terms of the contract.
• E) All of the above.

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Definitions:

Long-run Equilibrium

A state in which supply and demand balance over the long term, and all factors of production and economic variables have fully adjusted.

Demand Curve

A chart depicting how the cost of an item correlates with the amount of that item buyers are prepared to purchase.

Barriers to Entry

Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter a market.

Economic Profits

The surplus achieved when revenue generated from business activities exceeds both explicit and implicit costs.