Which Concept Refers to the Fact That a Business Has

question 36

Multiple Choice

Which concept refers to the fact that a business has the obligation to impact society on four levels⎯economic,legal,ethical,and philanthropic?

• A) Business responsibility
• B) Moral obligation
• C) Social responsibility
• D) Ethical responsibility

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Definitions:

Shortage

An instance in the marketplace where the need for a product or service outstrips its provision.

Equilibrium Price

The cost at which the supply and demand for goods are equal.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.

Quantity Supplied

The quantity of a service or good that is available for sale by producers who are ready and able to sell at a particular price, over an agreed period.