The Socioeconomic View of Social Responsibility Is That a For-Profit

question 80

Multiple Choice

The socioeconomic view of social responsibility is that a for-profit organization's responsibility is ________.

• A)to maximize stockholder wealth
• B)to maximize both profits and the general welfare
• C)to do what only the law requires
• D)to maximize opportunities for citizens in developing countries

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Definitions:

Demand

The desire and ability of consumers to purchase goods and services at a given price.

Elastic

Describes a situation in economics where the demand for or supply of a good is sensitive to changes in price, meaning a small change in price leads to a significant change in quantity demanded or supplied.

Inelastic

A characteristic of goods whose demand does not change significantly when the price of the good changes.

Prices

The amount of money required to purchase goods or services, often determined by factors such as supply and demand.