In the absence of laws requiring individuals to purchase insurance, insurance is most attractive to:
A. those with lowest likelihood of filing a claim.
B. the poor.
C. the wealthy.
D. those with the highest likelihood of filing a claim.
Answer: D
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Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect.
Assuming equilibrium price P1, consumer surplus is represented by areas
A. a + c. B. a + b + c + d. C. c + d. D. a + b.
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm?OutputTotal RevenueTotal Cost1$4$228331264161052015
A. 2 units B. 3 units C. 4 units D. 5 units
Under private enterprise, production is guided by _____________________________.
Fill in the blank(s) with the appropriate word(s).
If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods.
A. normal B. inferior C. complementary D. substitute