Answer:
c. $1,818.
Explanation:
Average premium = ( Expected medical cost + increase in medical spending + loading cost ) / 100
Average premium = ( $150,000 + $5,000 + 15% ) / 100
Average premium = $1,818.
Answer:
B. cause changes in the quantities demanded and supplied that tend to eliminate the surplus or shortage.
Explanation:
In a competitive economy, the balance between supply and goods and services occurs when demand and supply match. However, situations of oversupply or scarcity tend to alter the parameters of the demand and supply curves. If shortages occur, the price tends to rise, which generates an incentive for production. If oversupply occurs, the price tends to decrease, which is an incentive to increase demand. Thus, in the long run the economy tends to a new equilibrium, which will eliminate surplus / scarcity.
Answer:
a. an express warranty.
Explanation:
Express warranty is written or verbal assurance by the seller or manufacturer that the product on sale will meet the buyer's expectations in terms of functionality, reliability, and quality. The sellers make a commitment to either repair or replace the product should it malfunction within a specified period. Details of a warranty are communicated through branding and advertisements.
The wording of an express warranty need not contain the words warranty or guarantee. In the case where there is no wording, the warranty is implied. The statement of the phoenix salesperson is an express warranty. They are assuring the client of the quality of the merchandise.
