The Owner of a Small Business Wants to Improve the Health

question 12

Multiple Choice

The owner of a small business wants to improve the health of all employees. Which actions should the owner consider to meet this goal?

• A) Drop health insurance for employees.
• B) Provide on-site health care for employees.
• C) Mandate that all vacation days are taken each year.
• D) Reduce the number of sick days offered as a benefit.

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Definitions:

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply of a good or service, and where entry of new competitors is obstructed.

Perfect Competitor

An idealized market structure characterized by a large number of small firms, each being a price taker, with no single firm able to influence the market price.

Long Run

A period in economics where all factors of production and costs are variable, allowing complete industry adjustment.

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service.