A Professional Who Attempts to Make a Client Happy at the Expense

question 22

Multiple Choice

A professional who attempts to make a client happy at the expense of the esteem of his or her peers is known to sociologists as:

• A) a professional.
• B) ethical.
• C) a quack.
• D) a faker.

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Definitions:

Break-Even Point

The point at which total costs and total revenue are equal, resulting in no profit or loss.

Competitive Firm

is a business that operates in a market where it has to compete with other firms for customers and cannot influence market prices.

Economic Profit

The surplus obtained from total revenues minus both explicit (out-of-pocket) and implicit (opportunity) costs of all resources employed.

Competitive Firm

A company that operates in a market with many buyers and sellers, where no single entity can influence prices on its own.