Which of the Following Can Help Reduce Workers' Compensation Costs

question 177

Multiple Choice

Which of the following can help reduce Workers' Compensation costs?

• A) prevent injuries through proper ergonomic design of the job
• B) establish employee-led wellness committees
• C) publish all occupational health and safety violations
• D) reduce the amount of common payouts

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Definitions:

Inelastic

A description of a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Price Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price, indicating the sensitivity of demand or supply to price changes.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price, holding all other factors constant.

Inelastic

Refers to a scenario in which a change in price leads to a comparatively small change in the quantity demanded or supplied.