The Average Time Lost Per Absent Employee During a Specified

question 64

Multiple Choice

The average time lost per absent employee during a specified period of time is known as the _____.

• A) inactivity rate
• B) incidence rate
• C) severity rate
• D) compensation rate

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Definitions:

Negative Economic Profit

A situation where a firm's total revenue is less than its total costs, including opportunity costs.

Market Price

The current value at which an asset or service can be bought or sold in a competitive marketplace.

Zero Economic Profit

A situation where a firm's total revenue is exactly equal to its total costs, including opportunity costs.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.