Under the Principle of Rights Theory, a Key Factor in Determining

question 38

Multiple Choice

Under the principle of rights theory, a key factor in determining whether a business decision is ethical is how that decision

• A)compares to religious principles.
• B)affects the rights of others.
• C)causes consequences that would follow if everyone acted the same way.
• D)supports the right to make a profit.

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Definitions:

Price Elasticity

An index reflecting the degree to which the demand for a product varies with a shift in its cost.

Supply

represents the total amount of a product or service that is available for purchase at any given price in a market.

Price Change

Price change refers to the variation in the cost of goods and services over time.

Equilibrium Price

The price in a competitive market at which the quantity demanded and the quantity supplied are equal, there is neither a shortage nor a surplus, and there is no tendency for price to rise or fall.