As an Owner of a Coal Mine, You Have Not

question 9

Multiple Choice

As an owner of a coal mine, you have not had to pay any fines for not failing to meet federal worker safety guidelines, but you do no more than meet the federal requirements.In Zadek's corporate responsibility model, you are in ______ mode.

• A)civil
• B)compliance
• C)defensive
• D)managerial

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Definitions:

Economic Profits

Profits calculated by subtracting total explicit and implicit costs from total revenues; measures the excess over both the opportunity cost of capital and the wages that business owners could have earned elsewhere.

Marginal Cost

The escalation in total expenses incurred from the production of an additional unit of a product or service.

Marginal Costs

The change in total cost that comes from making or producing one additional item.

MC Curve

A graph representing the marginal cost of producing each additional unit of output in a firm or economy.