It Is the Responsibility of __________ to Determine the Ethical

question 63

Multiple Choice

It is the responsibility of __________ to determine the ethical approach to setting prices so consumers find value and the firm can make a profit.

• A) the Better Business Bureau
• B) federal regulators
• C) the American Marketing Association
• D) marketers themselves
• E) industry standards boards

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Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

TC

Total Cost, which is the total expense incurred in reaching a particular level of output.

Profit-Maximizing

The act of adjusting production and sales to achieve the highest possible profit under given market conditions.

Demand

The quantity of a product or service that consumers are willing and able to purchase at a given price.