Which of the Following Arguments on Social Responsibility States That

question 106

Multiple Choice

Which of the following arguments on social responsibility states that a business is socially responsible only when it pursues its economic interests?

• A)public expectations
• B)violation of profit maximization
• C)superiority of prevention over cures
• D)possession of resources

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Definitions:

Cross-price Elasticity

A measure of how the demand for one product changes in response to a price change of another product, indicating substitutes or complements.

Cross-price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating substitutability or complementarity.

Substitutes

Products or services that can be used in place of each other. Higher the similarity, the more easily consumers can switch between them, affecting demand.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as the percentage change in quantity demanded divided by the percentage change in price.