As the premium for an insurance policy rises,there is a(n)_____ in the _____ insurance.
A)decrease;demand for
B)increase;supply of
C)decrease;quantity demanded of
D)decrease;supply of

Question

Quizplus · Accepted Answer

An increase in the premium for an insurance policy leads to a decrease in the quantity demanded of insurance. This means that as the price of insurance (i.e., premium) increases, consumers are less willing to purchase insurance at the higher price. Therefore, the demand for insurance decreases, leading to a decrease in the quantity demanded of insurance.

As the Premium for an Insurance Policy Rises,there Is A(n)_____