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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Suppose food insurance exists. You pay the food insurance company a certain dollar amount each month, and then you purchase all the food you want from your local grocery store. The grocery store sends the bill to your food insurance company. What will happen to the price of food and to the premium you pay for food insurance?

To determine

The impact of the food insurance on the price.

Explanation

When food is also treated as an insured product similar to health care, the price of food will increase. This is due to the reason that the price of the food is now paid by a third party. The food insurance will induce the consumer to purchase mor...

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