The Value of a Human Life

question 4

Multiple Choice

The value of a human life

• A)can be estimated using probability of death.
• B)can be estimated by lost earnings.
• C)is an intangible that is hard to value.
• D)all of these answer options are correct.

---

Definitions:

Economic Theory

Economic theory encompasses models and principles that explain the functioning of economies, markets, and the behavior of economic agents. It seeks to understand how resources are allocated, prices are set, and wealth is distributed.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded, typically downward sloping.

Monopolistically Competitive

A scenario where numerous companies compete in the same industry by offering slightly unique products or services, giving consumers choices.

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly as its price changes.