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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-Four years after Ralph had purchased life insurance,he committed suicide.His beneficiary [will | will not] be able to collect the face value of this policy due to the incontestability clause.
Indifference Curve
A graphical representation showing different combinations of goods or services among which a consumer is indifferent, implying no preference for one combination over another, given their utility or satisfaction remains constant.
Preferred
Refers to something that is more desirable or favored over other options.
Indifference Curve
A graphical representation showing different combinations of two goods that provide equal satisfaction and utility to a consumer.
Total Utility
The cumulative satisfaction or value that a consumer derives from consuming a given amount or number of goods or services.
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