Which of the Following Terms Is Sometimes Used in Place

question 15

Multiple Choice

Which of the following terms is sometimes used in place of the term "incident"?

• A)Accident
• B)Near miss
• C)Hazard prevention failure
• D)Safety breakdown

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Definitions:

Economic Profits

The total revenue of a business minus its explicit and implicit costs; it’s a measure of excess above the normal levels of profits businesses earn in a competitive environment.

Long-Run Equilibrium

A state in which supply equals demand, all firms are maximizing profits, and there is no incentive for market entry or exit.

Efficient Output

The level of production at which a firm or economy can produce the maximum amount of goods at the lowest possible cost.

Efficient Output

The level of production where a firm or economy can produce the maximum amount of goods and services with the least amount of inputs.