Using Institutional Time and Materials for Personal Gain Unrelated to Legitimate

question 46

Multiple Choice

Using institutional time and materials for personal gain unrelated to legitimate work activity is an example of an:

• A) Ethical problem in the use of authority
• B) Ethical problem in the relationship between personal and professional interests
• C) Ethical problem in personal and professional commitments to clients
• D) Ethical issue in criminal justice and public policy

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Definitions:

Short Run

A period in economic analysis in which at least one input is fixed while others are variable.

Long Run

the period in which all factors of production and costs are variable, allowing for all possible adjustments, including the adoption of new technology.

Short-run Equilibrium

A condition in which demand and supply are equal in a particular market or industry, but only for a temporary period due to fixed factors in the short term.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, leading to competitive pricing and product differentiation.