Examlex
Which of the following methods reduce adverse selection in insurance markets?
I. selling insurance policies to groups of employees in a firm
II. requiring medical exams for anyone purchasing life insurance
III. denying insurance coverage to people with preexisting health conditions
IV. mandating by law that all people must buy health insurance
Market Share
The percentage of an industry's sales that a particular company controls.
Imperfectly Competitive Industry
An industry in which individual firms have some control over the price of their output.
Substitutes Exist
A situation in which multiple products or services can fulfill the same need or desire, allowing consumers to switch among them based on price, quality, or preference.
Raise Price
An action taken by producers or sellers to increase the cost at which goods or services are sold, often in response to market conditions.
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