If Firms Are Providing the Optimal Level of Workplace Safety

question 111

Multiple Choice

If firms are providing the optimal level of workplace safety, then:

• A)workers will not be injured on the job.
• B)the marginal benefit of improved safety will equal zero.
• C)the total benefit of workplace safety will equal the total cost of workplace safety.
• D)the marginal benefit of improved safety will equal the marginal cost of improved safety.

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Definitions:

Market Price

The going rate at which a service or asset can be sold or bought in the marketplace.

Conservation

The responsible management of the environment and natural resources to prevent depletion and harm, ensuring their sustainability for future generations.

Property Rights

Rights that legally entitle individuals to own, utilize, and transfer both physical and intellectual property.

Open Ocean

Refers to the vast, deep body of saltwater that covers most of the Earth's surface, not enclosed by land.