With Respect to Business Ethics, It Can Be Said That

question 267

Multiple Choice

With respect to business ethics, it can be said that "it takes two to tango." This indicates that:

• A) dancing around issues should be part of a firm's code of ethics.
• B) an individual's behavior is influenced by the behavior of others.
• C) teamwork eliminates a need for personal ethics.
• D) management is insensitive to ethical issues.

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Definitions:

Monopolistically Competitive Industry

A market structure where many companies sell products that are substitutes but with distinctions in branding and quality, allowing firms some control over pricing.

Differentiated Products

Products that are distinguished from similar products by distinctive characteristics, such as quality, design, or brand.

Barriers to Entry

Factors that prevent or hinder companies from entering a particular market, such as high start-up costs, strict regulations, or strong competition.

Concentration Ratio

An economic indicator that measures the market share of the largest firms within an industry, used to assess competitiveness.