An inferior good is a good for which the quantity demanded decreases as the price increases, holding everything else constant

A perfectly competitive firm is a price taker because

A) many other firms produce the same product. B) only one firm produces the product. C) many firms produce a slightly differentiated product. D) a few firms compete. E) it faces a vertical demand curve.

A type of life insurance with separate pure-insurance and savings components is

A) whole life insurance. B) universal life insurance. C) term life insurance. D) group life insurance.