A Producer of Automobile Batteries Notes That the Price of Batteries

question 20

Multiple Choice

A producer of automobile batteries notes that the price of batteries has risen over each of the past three years. The firm decides to expand its battery production. This illustrates

• A) the law of supply.
• B) the law of market price.
• C) the law of equilibrium.
• D) the law of demand.
• E) the law of supply and demand.

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Definitions:

Environmental Responsibility

The duty that individuals and organizations have to act in ways that protect and benefit the environment.

Economic Responsibility

denotes a company's or individual's obligation to make decisions that positively impact the economic well-being of society, including prudent use of resources and fair economic practices.

C.K. Prahalad

An influential business thinker known for his work on core competencies and the bottom of the pyramid concept.

Bottom of the Pyramid

A concept in economics and business that targets the largest but poorest socio-economic groups in a global perspective for business.