Decisions Made So as to Provide the Greatest Good for the Greatest

question 72

Multiple Choice

Decisions made so as to provide the greatest good for the greatest number are based on:

• A)rights.
• B)profit.
• C)utilitarianism.
• D)justice.

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Definitions:

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Substitution Price Elasticity

A measure of how much the quantity demanded of one good responds to a change in the price of another good, indicating the degree to which these goods are substitutes.

Utility Function

A numerical model that explains how a consumer gains pleasure or usefulness from using goods and services.