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

question 103

Multiple Choice

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

• A)to help as many people as possible
• B)to maximize both profits and the general welfare
• C)to maximize profits only
• D)to maximize opportunity for all

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Definitions:

Minimize Losses

Strategies or measures taken to reduce the extent of financial loss or to prevent future losses.

Total Cost

Total cost is the entire expense associated with the production of a set of goods or services, including both fixed and variable costs.

Output

The total amount of goods or services produced by an individual, firm, or country over a specific period.

Marginal Revenue Curve

A graphical representation showing how the addition of one more unit sold affects the total revenue of a firm.