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The manager of a new research and development firm wants to ensure that all business performed follows ethical practices. Compose a brief company policy statement that explains the concept of "ethical behavior" in a way that all employees understand expectations. Be sure to make clear the relationship between ethics, law, and free choice.
Demand Elasticity
A metric for assessing the reaction of a good's demanded quantity to its price adjustments.
Income Elasticity
A measure of how the demand for a good or service changes with a change in consumers' income.
Normal Good
A type of good for which demand increases when consumer income rises, and decreases when consumer income decreases.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, opposite to normal goods.
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