In Reality,ethical Behaviour Depends on the Situation

question 65

True/False

In reality,ethical behaviour depends on the situation.For example,in negotiating a contract with your employees,the way they win higher wages is by you losing the fight to hold down labour costs.Often,it is a win-lose relationship.

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Definitions:

Suffer Losses

occurs when a business or individual incurs expenses that exceed their revenues.

Long-run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.

Long-run Equilibrium

A state in which all aspects of a market, including supply and demand, production costs, and economic resources, are balanced, allowing for consistent economic conditions over time.

Perfectly Competitive

A market structure characterized by many sellers and buyers, homogeneous products, free entry and exit, and perfect information, leading to an optimal distribution of resources.