Ethical Standards Are ______

question 12

Multiple Choice

Ethical standards are ______.

• A) rules of conduct or procedures recognized by a city or state
• B) laws and doctrines established by governmental bodies
• C) published guidelines that guide the work of those who practice in a field
• D) regulations established by one or persons more a community authorizes

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Definitions:

Market Price

The price at which a product or service is traded in the marketplace, determined by supply and demand.

Market Clearing Level

The price and quantity at which supply equals demand, so there is no surplus or shortage in the market.

Surplus

Situation in which the quantity supplied exceeds the quantity demanded.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.