According to Ethical Relativism, an Action That Is Usually Thought

question 59

True/False

According to ethical relativism, an action that is usually thought to be unethical would not be considered unethical if the perpetrator thought it was ethical.

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Definitions:

Collusive Oligopoly

A market condition where a few companies or entities cooperate to restrict competition and control prices for their mutual benefit.

Price Leadership

A situation in which one company, the price leader, sets the price of goods or services within its market and other companies in the sector follow suit.

Sticky Prices

A situation where prices of goods and services are slow to change in response to changes in supply and demand or economic conditions.

Oligopoly Markets

Market structures characterized by a small number of large firms that dominate the market, leading to a high concentration of market power.