Match Each Statement with the Correct Choice

question 25

Short Answer

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
a. Increases the probate estate
b. Decreases the probate estate
c. Has no effect on the probate estate
-Made life insurance payable to estate.

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Definitions:

Producer Surplus

The divergence between what producers expect to get for a good or service and the actual compensation they receive.

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved in a market.

Perfectly Inelastic

A market condition where the quantity demanded or supplied does not change in response to price changes.

Deadweight Loss

An economic inefficiency that occurs when the total welfare in a market is not maximized, resulting from distortions such as taxes, subsidies, or monopolies.