Examlex
A sample of an ideal gas has its volume doubled while its temperature remains constant. If the original pressure was 100 torr, what is the new pressure?
Risk-Averse
A characteristic of individuals preferring outcomes with certain, lower returns compared to outcomes with uncertain, potentially higher returns.
Risk Aversion
The behavior of individuals who, when exposed to uncertainty, would prefer to choose an outcome with a more certain but possibly lower payoff over an outcome with a higher payoff but more uncertainty.
Equilibrium Premium
The price level at which supply and demand for a financial instrument, such as insurance, are balanced, minimizing the risk of loss for insurers.
Equilibrium Quantity
The volume of products or services on offer equals the volume sought by consumers at the equilibrium price in the market.
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