The International Maritime Bureau Said the Waters Off Somalia Are

question 79

Multiple Choice

The International Maritime Bureau said the waters off Somalia are the world's most dangerous, accounting for nearly a third reported pirate attacks worldwide. Suppose all boats are insured to $100,000 and pay a premium of $10,000 each. Suppose 10 out of 100 boats are attacked by pirates and these 10 file claims with their insurance. What is the value of the claims?

• A) one trillion dollars
• B) one billion dollars
• C) one million dollars
• D) one hundred thousand dollars

Analyze the effects of market entry and exit on industry supply conditions.

Apply concepts of average variable cost, average total cost, and marginal cost in decision-making processes.

Understand the relationship between price, marginal revenue, and optimal output levels.

Explain the impacts of cost changes on industry equilibriums and firm decisions.

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