In the legal sector, some practice areas have declined in recent years.
For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market. How does this affect the market for lawyers?
A) The quantity of lawyers demanded decreases and this is represented by a movement along the demand curve.
B) The supply of lawyers shifts to the left.
C) The demand for lawyers shifts to the left.
D) Both the demand and supply curves decrease.
Question 2
If total variable cost exceeds total revenue at all output levels, a perfectly competitive firm
A) has covered its fixed cost. B) should produce in the short run.
C) should shut down in the short run. D) is making short-run profits.
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