Risk pooling:
A. lowers the costs of catastrophes when they occur.
B. reduces the chances of catastrophes happening.
C. allows individuals the peace of mind that they will never have to pay the full expense of a catastrophe if it hits them.
D. All of these statements are true.
Answer: C
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Which of the following best defines supply?
a. the amount of a good that producers want to sell at a particular price b. the amount of a good that consumers will buy c. the amount of a good that producers are willing and able to sell at each possible price, other things constant d. the amount of a good that producers are willing to sell at each possible price, other things constant e. the amount of a good that producers are willing and able to buy at each possible price, other things constant
When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change
a. True b. False Indicate whether the statement is true or false