With Reference to Ethical Norms, to Provide the Order in Business

question 97

Multiple Choice

With reference to ethical norms, to provide the order in business relationships that permits predictable plans to be effective is a form of .

• A) security
• B) justice
• C) freedom
• D) efficiency

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Definitions:

Variable Cost Concept

The principle that costs vary in proportion to the level of production or business activity.

Cost-Plus Approach

A pricing strategy where the selling price is determined by adding a specific markup to a product’s unit cost.

Markup

The additional sum included in the purchase price of items to account for overhead costs and profit, which establishes the retail price.

Demand-Based Concept

A pricing strategy where prices are set based on consumer demand, often leading to dynamic pricing models.