An Organization's Activities and Status Related to Its Societal Obligations

question 9

Multiple Choice

An organization's activities and status related to its societal obligations is called _____.

• A) corporate culture
• B) corporate social responsibility
• C) corporate code of ethics
• D) corporate identity
• E) corporate social marketing

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Definitions:

Monopolistic Competitive Industries

Industries characterized by many firms offering slightly differentiated products, where each has some degree of market power.

Market Power

The ability of a firm or group of firms to raise and maintain prices above the level that would prevail under competition.

Positive Profits

Earnings that exceed the costs and expenses incurred to generate those earnings.

Price Elastic

Refers to the sensitivity of the quantity demanded of a good to a change in its price; high elasticity indicates that demand varies significantly with price.