If the Cost to Firms of Reducing Workplace Injuries by 1

question 45

Multiple Choice

If the cost to firms of reducing workplace injuries by 1 percent is $1,000 a year for each worker, then it is efficient for firms to reduce workplace injuries by 1 percent if:

• A)the value workers place on the reduction in workplace injuries is less than $1,000 per year.
• B)the value workers place on the reduction in workplace injuries is at least $1,000 per year.
• C)firms are earning an economic profit of at least $1,000 per year.
• D)firms are earning an economic profit of less than $1,000 per year.

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Definitions:

Responsibility Levels

Different degrees of accountability or duty assigned to individuals or groups, often depending on their role, task, or position.

Group Succeeds

The achievement of desired outcomes or goals by a group, often through effective collaboration, coordination, and effort.

Fails

Mistakes or lapses in judgment that lead to a failure to accomplish a desired result or task.

Tit-For-Tat Strategy

A cooperative and competitive strategy where an entity responds to an action with a similar action, often used in game theory and conflict resolution.