As Business Becomes Increasingly Global

question 16

Multiple Choice

As business becomes increasingly global:

• A) It must turn to national laws for guidance.
• B) Ethical issues become issues of free trade.
• C) A global code of conduct will emerge for businesses.
• D) Cross-cultural contradictions will increase.

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Definitions:

Price Elasticity Of Demand

The ratio of the percent change in the quantity demanded to the percent change in the price as we move along the demand curve.

Price Discrimination

The approach of marketing identical products to various customers at various prices, determined by their readiness to pay.

Network Externalities

The effect that an additional user of a good or service has on the value of that product to others.

Value Of The Good

The importance, worth, or usefulness of a good to consumers, often reflected in the price they are willing to pay.