When an Industry Develops,uses,and Enforces Norms,this Is Known as Which

question 55

Multiple Choice

When an industry develops,uses,and enforces norms,this is known as which type of self-regulation?

• A)industry self-regulation
• B)self-discipline
• C)social ethics
• D)professional ethics
• E)personal ethics

---

Definitions:

Price Effect

The impact on consumer demand and supply of goods or services caused by a change in the price of those goods or services.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied can change infinitely with any small change in price.

Price

The total monetary value expected, obliged, or handed over in exchange for something.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified period.