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dolphi86 [110]
4 years ago
10

Given the outcome of this case, how were the bankruptcy attorneys compensated? a. They were not compensated, and therefore, thei

r law firm had to "write off" their out-of-pocket expenses and billable hours. b. They would have simply submitted a bill for their out-of-pocket expenses and been paid that amount by a court. c. They could use an administrative law judge to appeal the case to ask for some limited payment for their time and services.
Social Studies
1 answer:
DedPeter [7]4 years ago
8 0

Answer:

A. they were not compensated, and therefore, their law firm had to "write off" their out-of-pocket expenses and billable hours

Explanation:

In accounting, every loss that a business made through the operation is considered as tax write-off. This regulation is created in order to make businesses who fail to earn profit to survive.

bankruptcy attorneys are most likely wouldn't receive their in cash since they're handling the business that about to closed down.

So, in order to obtain profit from handling such cases, bankruptcy attorneys often took different type of cases (such as business acquisition or Legal consultation) and use the loss they get from bankruptcy cases as a tax write off for their other revenue.

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Why do economists study the perfectly competitive​ model?
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Answer:

D. All of the above.

Explanation:

Their are many reasons why economists study the perfect competition model but we will focus on the options given and it is certified that all of them are the reason for this. Because it is used as a benchmark to compare with other market structures etc.

Firms can enter and leave the market without any restrictions , therefore, there is free entry and exit into and out of the market.

A perfectly competitive firm is known to be a price taker because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors.

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