My Only Social Responsibility Is to Make a Profit

question 71

True/False

My only social responsibility is to make a profit.I will show my concern for society by providing my customers with a product that they need and desire.These statements are consistent with the concept of corporate social responsibility.

---

Definitions:

Natural Monopoly

A market situation where due to high fixed costs or unique production processes, one provider can supply a product or service more efficiently than multiple competitors.

Average Total Cost

The total cost of production divided by the total output or quantity of goods produced.

Downward-sloping Market Demand Curve

This concept depicts the inverse relationship between price and quantity demanded in a market, indicating that higher prices typically lead to lower quantities demanded, and vice versa.

Marginal Revenue

The additional income received from selling one more unit of a good or service; it's a critical concept in business and economics for understanding how to maximize profit.