An insurance premium is:
A. the contract that reduces the financial loss associated with some risky event.
B. the amount of money a policy holder pays for the insurance policy.
C. the amount of money a policy holder receives if a specific loss occurs.
D. the probability of loss from a specific event.
B. the amount of money a policy holder pays for the insurance policy.
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The demand for a good is elastic if
A) an increase in its price results in an increase in total revenue. B) a decrease in its price results in a decrease in total revenue. C) an increase in its price results in a decrease in total revenue. D) the good is a necessity.
Total cost is equal to
a. TFC + TVC. b. TFC – TVC. c. TFC/TVC. d. TVC/TFC.
Age is a determinant of income because
A) with age typically come experience, education, and training that can increase income. B) age contributes to costs as medical expenses increase. C) older workers have accumulated more wealth. D) older workers have accumulated less wealth.
In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum amount they would require to sell the good b. total revenue is equal to the minimum amount they would require to sell the good c. total revenue is less than the minimum amount they would require to sell the good d. marginal revenue equals average total cost e. they can rob consumers of most of their consumer surplus