In a market with an upward sloping supply curve and a downward sloping demand curve, when the actual price must be higher than the equilibrium price, there will be:
A. Excess supply
B. Excess Demand
C. An increase in the price
Ans: A. Excess supply
Business
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If Kim fails to pay the second premium, the insurer cannot sue her for the premium because insurance contracts are A) unilateral contracts. B) contracts of adhesion. C) personal contracts. D) aleatory contracts.
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Indicate whether the statement is true or false
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