The Moral Theory Constructed by the Author and Described at the End

question 1

Multiple Choice

The moral theory constructed by the author and described at the end of the chapter has several features meant to improve on previous theories. In particular, the author wants to resolve the problem of conflicting rules or principles. Which of the following features BEST helps resolve this problem?

• A) The theory includes only the best of the rules presented in previous theories.
• B) The theory includes a principle of respect, requiring respect for all persons.
• C) The theory includes three principles, rather than one.
• D) The theory includes prima facie principles, rather than absolute rules.

---

Definitions:

Zero Economic Profit

A condition in which a firm's total revenue equals its total costs, implying normal profit but no excess profit over what is considered normal in the industry.

Long Run

A period in economics where all factors of production and costs are variable, and firms can adjust all inputs as needed.

Marginal Revenue

The additional income that is generated by selling one more unit of a product or service.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.