When the insured party knows more about his or her circumstances than the insurer, then there is: B. All of these.
<h3>What is an insurance company?</h3>
An insurance company is a business firm that is establish to collect premium from all of the insured for losses which may or may not occur, so they can easily use this cash to compensate or indemnify for losses incurred by those having high risk.
In Economics, when the insured party knows more about his or her circumstances than the insurer, then there is:
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Answer:
b. both firms will reduce their price.
Explanation:
The Nash equilibrium is a decision-making theorem that lies inside the game theory where the player could attain the expected result by not deviating to the beginning strategy. In this, the strategy of the each player is optimal at the time when the other player decisions are relevant
So as per the given situation, both the firm should decrease their price
hence the option b is correct
Answer:
The correct option is C ,$15,300
Explanation:
GDP is a short form of Gross Domestic Product which is an indicator of total goods produced in an economy in a period of one year.
Using the expenditure method,GDP van be computed using the below formula:
GDP=C+I+G+(X-M)
C is the consumption in the economy which is $9000
I is the level of investment at $3,000
G is the government expenditure of $3,500
X is the export of $2,500
M is the import of $2,700
GDP=$9000+$3000+$3500+($2500-$2700)
GDP=$15,300
Hence the GDP is $15,300
