Which of the Following Types of Insurance Is It Advisable

question 57

Multiple Choice

Which of the following types of insurance is it advisable for a business owner to obtain when starting a new business on leased premises that will be visited by members of the public?

• A)Medical insurance
• B)Professional indemnity insurance
• C)Pubic liability insurance
• D)Tort Insurance

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Definitions:

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Long-Run Profits

The amount of money a firm makes after all inputs have been adjusted to their optimal levels, considering the long-term outlook.

Short-Run Profits

Profits earned during a brief period of time, not considering long-term investments or fixed costs.