The State Requirements to Prove Financial Responsibility in Case of an Auto

question 206

Multiple Choice

The state requirements to prove financial responsibility in case of an auto accident are most often fulfilled through buying ____ insurance.

• A)homeowner's liability
• B)umbrella liability
• C)auto liability
• D)comprehensive personal liability

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Definitions:

Consumer Equilibrium

The point at which the quantity of goods purchased by a consumer, given their income and prices of goods, maximizes their utility.

Total Utility

Total utility is the total satisfaction or pleasure a person derives from consuming a particular quantity of goods and services.

Marginal Utility

The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.

Marginal Utility

The extra pleasure or benefit gained by a consumer from consuming one more unit of a product or service.