Which of the Following Individuals Is Likely to Purchase Insurance

question 77

Multiple Choice

Which of the following individuals is likely to purchase insurance?

• A)a risk neutral person when the insurance is over priced
• B)a risk lover when the insurance is underpriced
• C)a risk neutral person when the insurance is fairly priced
• D)a risk- averse person when the insurance is fairly priced

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Definitions:

Illegal Restraint

A legal term referring to any action or practice that restricts trade or the free movement of goods, services, or people unlawfully.

United Mine Workers

A labor union that represents coal miners in the United States and Canada, founded in 1890, advocating for improved working conditions and wages.

Consumerism

The cultural phenomenon characterized by the acquisition of goods and services in ever-increasing amounts, often driven by advertising and societal norms.

Installment Plans

Payment methods that allow consumers to make purchases and pay for them in set amounts over a specified period.