Asked by
Omphemetse Masimong
on Nov 05, 2024
Verified
One reason to require licensing of attorneys is that
A) legal services generate positive externalities.
B) legal services are used primarily by the wealthy.
C) legal services are a private good.
D) consumers of legal services lack perfect information.
Lack Perfect Information
A market condition where all participants do not have equal or complete information, affecting their decision-making.
Legal Services
Professional services provided by lawyers or legal practitioners to handle legal matters from advisory, litigation, to documentation.
- Gain an understanding of the role that imperfect information plays in market dealings.
- Acquire knowledge on the methods for remedying market inefficiencies.
Verified Answer
EN
Learning Objectives
- Gain an understanding of the role that imperfect information plays in market dealings.
- Acquire knowledge on the methods for remedying market inefficiencies.