To Insure Their Assets Against Hazards Such as Fire,storm Damage,vandalism,earthquakes,and

question 51

Multiple Choice

To insure their assets against hazards such as fire,storm damage,vandalism,earthquakes,and other natural and environmental risks,firms commonly purchase:

• A)key personnel insurance.
• B)business liability insurance.
• C)business interruption insurance.
• D)property insurance.

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Definitions:

Excess Supply

A situation where the quantity of a product offered for sale by producers is greater than the quantity demanded by consumers at a given price.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Government

The organization or system through which a community, state, or nation is governed and regulated.

Nonprice Rationing

Nonprice rationing is the allocation of goods or services using means other than price, such as waiting times or ration coupons, especially when there are shortages.