Match the Term with Its Definition

question 47

Multiple Choice

Match the term with its definition.
-A profitable company that responds to customers' needs while showing reasonable concern for the environment

• A)code of ethics
• B)environmentalism
• C)ethical imperialism
• D)ethical relativism
• E)integrity
• F)intellectual property
• G)social entrepreneurship
• H)social responsibilities
• I)stakeholders
• J)sustainable small business
• K)underlying values

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Definitions:

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of changes in price.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.

Binding Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, which is set below the market equilibrium price, leading to shortages.