The Occupational Safety and Health Act of 1970 Created a Federal

question 4

Multiple Choice

The Occupational Safety and Health Act of 1970 created a federal agency,to administer its various provisions,known as the:

• A) Organizational Safety and Health Administration.
• B) Organizational Safety and Health Association.
• C) Occupational Safety and Health Administration.
• D) Organizational Services and Health Administration.

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Definitions:

Surplus

An excess amount of a product or resource relative to demand, often leading to lower prices or stockpiling.

Equilibrium Price

Equilibrium price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in the market.

Price Ceiling

A legal maximum price that can be charged for a good or service, typically set by the government to ensure affordability.

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to prevent prices from falling below a certain level.