The Way in Which a Business Tries to Balance Its

question 33

Multiple Choice

The way in which a business tries to balance its commitments to groups and individuals in its social environment is called ________.

• A) business ethics
• B) socialization
• C) corporate responsibility
• D) social responsibility

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Definitions:

Long Run

A period of time sufficient for all markets to adjust to changes, including the reallocation of resources and entrance or exit of firms in an industry.

Perfectly Competitive Industries

Markets where no single buyer or seller has the power to influence prices, and where products are homogeneous and information is freely available.

Easily Enter And Exit

A term used to describe a market condition where barriers to entry and exit are low, allowing for free movement of firms into and out of the industry.

Homogeneous Products

Products that are identical in quality and cannot be distinguished by consumers, making them perfect substitutes.