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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the problem of moral hazard?

To determine

The definition of moral hazard problem needs to be determined.

Explanation

Sometimes habits of peoples are more risky than other for insurance company. For example, if someone has health insurance for medical relief and he doesnot take precautions for his health or someone has accidental insurance he doesnot follow traffic rules and regularly drive very fast.

If a firm has insurance policy then it will run with lower security system against theft or fire and on other hand, if such firm runs without insurance policy, then it will install higher security system...

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