A Firm's Concern Towards the Community, Workers, and Environment in Which

question 18

Multiple Choice

A firm's concern towards the community, workers, and environment in which it operates is known as ________.

• A) international sustainable development
• B) corporate social responsibility
• C) international business ethics
• D) cultural sensitivity

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Definitions:

Marginal Cost

This term describes the expense associated with manufacturing an additional unit of a particular item, crucial for understanding economies of scale and pricing.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, resulting in no excess supply or demand.

Willing To Pay

The maximum amount a consumer is prepared to spend on a good or service, reflecting their valuation and demand.