_____ Involves Reducing the Impact of a Risk Event by Reducing

question 39

Multiple Choice

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence.

• A)Risk avoidance
• B)Risk acceptance  
• C)Risk transference
• D)Risk mitigation

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Definitions:

Producer Groups

Organizations or associations of producers that collaborate to protect their interests, often through lobbying, marketing, and sharing resources to improve their market position.

Advertising

The act or job of creating promotional material for commercial goods or services.

Advertising

The action of calling public attention to products, services, needs, etc., especially by paid announcements in newspapers and magazines, over the radio or television, on billboards, etc.

Long-run Equilibrium

The state in which all inputs are variable, allowing firms to make adjustments and the market to clear.