What Is Not True About the Operation of the Occupational

question 287

Multiple Choice

What is not true about the operation of the Occupational Safety and Health Act?

• A) OSHA must obtain warrants before inspecting a worksite for evidence of safety violations
• B) compliance with OSHA standards is not voluntary
• C) OSHA has authority to issue health standards for industry
• D) fines imposed by OSHA may be in the millions of dollars.
• E) all of the other choices are true

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Marginal Cost

The added total cost resulting from the manufacture of one more unit.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often represented as the area above the supply curve and below the equilibrium price.

Output Tax

A tax imposed based on the quantity of goods or services produced.