Use the Following to Answer Questions

question 210

Multiple Choice

Use the following to answer questions:
Figure: Price Controls
-(Figure: Price Controls) Refer to the figure. If the government imposes a price ceiling in this market at a price of $6, the result would be a:

• A) surplus of 20 units.
• B) surplus of 10 units.
• C) shortage of 20 units.
• D) shortage of 10 units.

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Definitions:

Social Responsibility Pyramid

A model describing the layers of responsibility that companies have, ranging from economic, legal, ethical, to philanthropic duties.

Obligation

A duty or commitment that one is bound to, legally or morally, which often involves completing certain actions or adhering to agreements.

Social Responsibility

The idea that businesses should balance profit-making activities with activities that benefit society; it involves developing businesses with a positive relationship to the society in which they operate.

Positive Impact

The beneficial effect that one's actions or policies have on individuals, communities, environments, or markets.