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One managerial implication of the justice model is that to be ethical, managers should base their decisions on
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity to price changes.
Break-even Point
The point at which total costs and total revenues are equal, meaning no net loss or gain has been made.
Fixed Cost
Expenses that do not change with the level of goods or services produced by a business, such as rent or salaries.
Variable Cost
Costs that change in proportion to the level of goods or services that a business produces.
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