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Chapter 25: Q. 2- For Critical Thinking (page 573)

How has the entry of the legal divisions of commercial accounting firms into the market for legal services likely affected the positions and shapes of the demand curves faced by incumbent commercial law firms?

Short Answer

Expert verified

Advert business is done by companies selling goods or services. Apart from fabricating or making goods, commercial business includes all activities. The growth in the economy doesn't really continue to stay stable over time. As a direct consequence, the requirement curve shifts left as well as right on a regular basis.

Step by step solution

01

Introduction.

Accounting information, accounting systems, and accountancy are the three types of bookkeeping. Other financial reporting sections have emerged around the world in the name of commercial space and creation of new business reporting needs.

02

Demand curves for accounting firms.

Commodities demand doesn't somehow remain consistent over time.

As an outcome, the requirement slope frequently shifts work to the left or right. Revenue, trends and tastes, relative prices, preconceptions, or the size and composition of the population appear to just be five major factors that influence a change in quantity demanded.

03

Commercial firms.

Businesses that offer merchandise engage in commercial entity. Commercial business encompasses all activities other than fabricating or producing products. Its use of land title for commercial reasons, including such retail stores, is also referred to as commercial venture.

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