Use the Figure Below to Answer the Following Question(s)

question 64

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 6-2

Figure 6-2 illustrates the four possibilities of the structure of production and consumption for a good or service. When the structure of production and consumption for a good places it in quadrant B,

• A) consumers have little incentive to search out and patronize low-cost suppliers.
• B) private producers of such goods will have little incentive to operate efficiently and to keep prices low.
• C) goods and services will only be supplied if consumers are willing to pay an amount sufficient to cover their production costs.
• D) both a and b, but not c, will be true.

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Definitions:

Workers' Compensation

An insurance type that offers medical benefits and substitutes for lost wages to workers hurt while performing job duties.

Nature of Employment

The essential characteristics and terms of a job, including duties, working conditions, and the employment agreement.

Workers' Compensation Carrier

A specialized insurance provider that offers workers' compensation insurance to employers, covering workplace injury or illness.

Safety Procedures

Established protocols or actions designed to maintain safety and prevent harm in various environments or operations.