In Insurance,risk Is Defined as the ____ a Financial Loss

question 157

Multiple Choice

In insurance,risk is defined as the ____ a financial loss will occur.

• A)uncertainty about whether
• B)odds that
• C)chances that
• D)probability that

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Definitions:

Marginal Cost

The extra expenditure needed to manufacture one more unit of a good or service.

Average Cost

The total cost of production divided by the quantity of output produced; it's a measure of how much it costs, on average, to produce one unit of output.

Deadweight Loss

A situation in economics where the total of consumer and producer surplus is not maximized due to factors like taxes or subsidies.

Monopoly Output

The quantity of goods or services produced and offered for sale by a monopolist, set to maximize profits under conditions of limited competition.