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Ingy_ Ingy_
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4 years ago
Suppose an insurance company determines that the average annual malpractice cost is $10,000 for reckless lawyers and $500 for careful lawyers. If 10% of the lawyers insured by the company are reckless, the company will earn zero economic profit if the price of insurance is:

▸ $500.

▸ $1,450.

▸ $5,250.

▸ $10,000.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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BobbyDBobbyD
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4 years ago
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Ingy_ Author
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#2
4 years ago
Thank you for answering so quickly
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