Trade Practices Law _______

question 58

Multiple Choice

Trade practices law _______ .

• A) always works in the public interest to maximise total surplus
• B) can work in the public interest to maximise total surplus or in the self- interest of producers to maximise producer surpluses
• C) always works in the self- interest of producers to maximise producer surpluses
• D) encourages oligopolies to exhibit more monopolistic behaviours

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Definitions:

Endowment Policy

A life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or upon death, often used as savings or investment vehicle.

Maximum Loan

The highest amount of money that can be borrowed by an individual or organization from a lender under specific terms.

Deductible

An amount that must be paid out of pocket before an insurance provider will cover any expenses.

Medical Bills

Statements of charges for medical services rendered, typically issued by hospitals, clinics, or healthcare providers.