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Explain the Importance of Ethical Responsibility and Explain the Need

question 6

Essay

Explain the importance of ethical responsibility and explain the need for ethical codes of conduct.


Definitions:

Market Demand

The cumulative demand for a good or service from all buyers in the market, determined by their willingness and ability to purchase at various price points.

Marginal Revenue

The increased earnings obtained by selling an extra unit of a good or service.

Total Revenue

The total income generated from the sale of goods or services.

Output Level

The total quantity of goods or services produced in a given period of time.

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