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Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast food franchise. If Tommy decides not to acquire the fast food franchise, any investigation expenses are:
Utilitarian Justification
A moral philosophy that advocates for actions that maximize happiness and well-being for the majority of a population.
Diminishing Marginal Utility
The principle that as a person consumes more of a good, the satisfaction (utility) from consuming each additional unit decreases.
Maximin Criterion
The claim that the government should aim to maximize the well-being of the worst-off person in society.
Equal Income
A hypothetical or policy-driven scenario where all individuals or households receive the same amount of income.
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