There Are Two Approaches to Deciding Whether or Not an Action

question 1

True/False

There are two approaches to deciding whether or not an action is ethical.The first approach is utilitarianism.The second approach is rights and duties.

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay; a measure of consumer benefit.

Producer Surplus

The difference between the amount a producer is actually paid for a good compared to the minimum amount they would accept for the good.

Excess Supply

A market condition where the quantity of a commodity available for sale exceeds the quantity demanded at the current price.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, representing their gain.