Which of the Following Is Most Likely to Be Sold

question 20

Multiple Choice

Which of the following is most likely to be sold in a perfectly competitive market?

• A) Law School Admission Test (LSAT) tutoring.
• B) Wheat.
• C) Fast food.
• D) Automobiles.

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Definitions:

Profit Maximization

The process of increasing the profits of a business by adjusting production and sales operations.

Business Ethics

Principles and standards that guide behavior in the world of business, dictating how businesses should conduct themselves.

Right Versus Wrong

A moral or ethical dilemma focusing on understanding and distinguishing between actions or decisions that are considered morally good or bad, right or unjust.

Corporate Social Responsibility

The concept that businesses should be actively concerned with the welfare of society at large, not just their own interests.