Ownership of Assets Such as Cars,homes,and Boats Results in Higher

question 79

Multiple Choice

Ownership of assets such as cars,homes,and boats results in higher

• A)liability risk.
• B)physical risk.
• C)real risk.
• D)comprehensive risk.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, typically set below the equilibrium price.

Shortage

A situation in which the demand for a product or service exceeds the supply available at a particular price.

Non-price Factors

Variables other than price that affect the demand and supply of goods and services, such as consumer preferences, income, and technology.

Price Ceiling

A legal maximum price that can be charged for a good or service, intended to protect consumers from high prices.