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19 August, 11:26

Susan O Rourke hired an attorney to represent her in a court case involving an auto accident. The attorney charged O Rourke a $2,000 retainer fee for his services. Terry Thomas needed a haircut the local stylist charged him $12 for her services. Aaron Mathison mowed his neighbor s lawn; in exchange, the neighbor roto-tilled Mathison s garden. The attorney fees paid by O Rourke, the $12 charged by the hair stylist, and the exchange of lawn mowing for garden tilling are all examples of

a. price.

b. premiums.

c. barter.

d. outlays.

e. the profit motive.

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Answers (1)
  1. 19 August, 13:45
    0
    A. Price.

    Explanation:

    A price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services. A price is influenced by both production costs and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions.
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