Which of the Following Statements Is Inconsistent with Milton Friedman's

question 5

Multiple Choice

Which of the following statements is inconsistent with Milton Friedman's argument regarding the responsibility of a firm?

• A) The only social responsibility of business is to make profits.
• B) Profit maximization is the primary purpose of business.
• C) Free and open competition is beneficial to business.
• D) Labour leaders' only responsibility is to serve the interests of their unions.
• E) All of the answers are consistent with his position.

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Definitions:

Patterns

Regular and predictable forms, orders, or arrangements that can be observed in various contexts, such as behavior, nature, or mathematics.

Reflective Judgment

The process of reasoning through complex issues with uncertainty and synthesizing evidence and opinion to form a justified conclusion.

Critical Thinking

The analysis and evaluation of an issue in order to form a judgment.

Tacit Knowledge

The kind of knowledge that is difficult to transfer to another person by writing it down or verbalizing it.