Essentially

question 24

Multiple Choice

Essentially. having a climate of ethics and social responsibility is all about creating trust among a firm's stakeholders. To gain trust. the firm and its employees must continuously uphold:

• A) their promises with respect to advertising and promotion.
• B) their standards of integrity.
• C) the firm's right and responsibility to be profitable.
• D) their standards of fair competition in the marketplace.
• E) their legal responsibilities.

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Definitions:

Seller's Option

The right of the seller to choose specific terms in a transaction, such as the time and place of delivery.

Federal Trade Commission Act

A U.S. federal law established in 1914 to prevent unfair competition, deceptive acts, or practices in the marketplace.

U.S. Steel

A major American integrated steel producer with major production operations in the United States and Central Europe.

Inferior Foreign Steel

Steel produced outside of the home country, often criticized for its lower quality compared to domestic products.