Professional Ethics Is the Code by Which the Profession Regulates

question 28

Multiple Choice

Professional ethics is the code by which the profession regulates actions and sets standards for its members, with the recognition that professionals:

• A) May not belong to a society or an association of their peers.
• B) Are accountable for their actions.
• C) Are legally bound to support the actions of the group.
• D) Abdicate responsibility for their actions.

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Definitions:

Perfectly Inelastic

A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Income Elasticity

A measure of how much the demand for a product or service changes relative to a change in consumers' income.

Total Revenue

The total income a firm receives from the sale of its goods or services before any costs or expenses are subtracted.