Examlex
If a material change in risk occurs after a fire insurance policy has been entered into,what must the insured do in order to maintain his or her coverage? When this occurs,what options does the insurer have?
Price Setter
An entity, often a dominant firm or a monopoly, that has the ability to influence the market price of goods or services rather than being a price taker.
Price Taker
An individual or company that must accept prevailing prices in the market, having no influence over them.
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit, leading to firms being price takers.
Natural Monopoly
A market condition where a single firm can supply a product or service at a lower cost than two or more firms, due to economies of scale.
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