According to Carroll, the Responsibility That Management of a Business

question 48

Multiple Choice

According to Carroll, the responsibility that management of a business organization has to produce goods and services of value to society so that the firm may repay its creditors and stockholders is called

• A) legal responsibilities.
• B) ethical responsibilities.
• C) economic responsibilities.
• D) financial responsibilities.
• E) discretionary responsibilities.

Understand the impact of monopoly on the socially efficient level of output and pricing.

Acknowledge the different strategies used by monopolists to maximize profits, including price setting and cost management.

Comprehend how price discrimination affects different consumer groups and its implications for market efficiency.

Understand the characteristics and implications of natural monopolies.

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Definitions:

Manufacturer

An individual or company that makes goods for sale using raw materials and parts, typically in a large-scale operation involving machinery.

Seller

A seller or company presenting products or services for acquisition to buyers or other enterprises.

Mortgage Loan

A loan used to purchase property or real estate, which is then used as collateral for the loan.

Defective Product

An item that fails to meet acceptable quality or safety standards, potentially causing injury or harm to consumers.