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30. The new Financial Aid Director of UOPs new School gets in a fistfight with an unhappy student and decides she needs a la

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Answer #1

a)

The New Financial Aid Director does not have full knowledge of the market. hence it can be concluded that it is not a perfectly competitive market.

b)

There many firms in this market as New Financial Aid Director chooses someone from a group. Hence, this is not a monopoly competition.

c)

Lawyers are setting price where MR = MC, Hence, P is above the AC.

d)

since there is not such collusion, hence the market is not being operated illegally.

e)

The services of lawyers are close substitutes to each other. hence, they have to decide the price very carefully.

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