Which Mechanism Has Been Found to Be the Most Influential

question 12

Multiple Choice

Which mechanism has been found to be the most influential in terms of health and safety in the workplace?

• A)inspection by the Ministry of Labour
• B)the internal responsibility system
• C)fines and penalties
• D)industry self-regulation

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Definitions:

Opportunity Cost

The cost of foregone alternatives when one option is chosen over another, essentially the benefits you could have received by taking an alternative action.

Marginal Benefit

The increased benefit derived from the utilization of one more unit of a good or service.

Marginal Cost

The cost added by producing one additional unit of a product, focusing on changes in overall cost with slight increases in production.

Sunk Costs

Costs that have already been incurred and cannot be recovered.