For a Firm That Wants to Remain in Business, Which

question 210

Multiple Choice

For a firm that wants to remain in business, which of the following costs could be avoided if it halted current production?

• A) fixed costs
• B) variable costs
• C) sunk costs
• D) implicit costs

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Definitions:

Ethical Standards

Principles that guide behavior by outlining what is considered right, wrong, good, or bad in a societal or organizational context.

Socially Responsible Operations

Practices and strategies that businesses employ to ensure their operations are ethical, sustainable, and beneficial to society as a whole.

High-Performance Standards

Criteria or benchmarks set by an organization to define expected outcomes and performances at an exceptional level.

Codes of Ethics

Written guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards.