To What Does the Concept of Acceptable Risk Refer

question 1

Multiple Choice

To what does the concept of acceptable risk refer?

• A)the fact that natural hazards always have risks
• B)the risk that a prediction of an event is likely to be inaccurate
• C)the risk that is inherent in predicting natural hazards
• D)the risk that society or individuals are willing to endure

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Definitions:

Marginal Revenue Product

The additional revenue generated from using one more unit of a variable resource in the production process.

Input Price

The cost associated with purchasing the raw materials or components required for production.

Marginal Product

The additional output that is produced by using one more unit of a factor, keeping all other factors constant.

Worker Productivity

The amount of goods and services that a worker produces in a given period of time.