Considering the Potential Impact on Others Prior to Making a Decision

question 16

Multiple Choice

Considering the potential impact on others prior to making a decision is consistent with ________ behaviour.

• A)legal
• B)self-motivated
• C)ethical
• D)anti-social

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Definitions:

Substitutes

Goods or services that can be used in place of each other, allowing consumers to switch if there is a change in price or availability.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive due to market dynamics.

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied, resulting in market balance.

Legal Price

A price that is established by law or regulation, rather than determined by the market.