The Better Business Bureau (BBB) Tries to Use ________ to Get

question 248

Multiple Choice

The Better Business Bureau (BBB) tries to use ________ to get its members to comply with its standards of business conduct.

• A) the FTC
• B) industry trade associations
• C) moral suasion
• D) the courts
• E) competitors

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Definitions:

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs, indicating a return above the firm's opportunity costs.

Average Rate

The mean value of a set of rates or percentages, calculated as the sum of all rates divided by the number of rates.

Above Average Profits

Earnings that surpass the norm or average level within a particular industry or market.

Perfectly Elastic Demand

A market situation where demand for a product can drastically change to infinity with the slightest change in its price.