Which of the Following Statements Is Correct Concerning a Code

question 9

Multiple Choice

Which of the following statements is correct concerning a Code of Ethics for professionals?

• A)The code is drawn in conjunction with input from the public.
• B)They are absolute rules which must be observed and may not be changed.
• C)They prescribe how members of a profession are expected to act.
• D)All of the above statements are correct.

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Definitions:

Nondiscriminating

Nondiscriminating, in economic terms, often refers to pricing or marketing policies that do not vary between different consumers or groups, treating all participants equally.

Pure Monopolist

A market scenario where a single seller controls the entire supply of a product or service, with no close substitutes available to consumers.

Productively Efficient

This refers to a situation where a firm produces goods at the lowest possible cost.

Allocatively Inefficient

A situation where resources are not allocated to produce the mix of goods and services that most benefits society or meets consumer preferences.