Which of the Following Is True Regarding the Relationship Between

question 10

Multiple Choice

Which of the following is true regarding the relationship between law and ethics?

• A) The law attempts to prohibit all "bad" behavior.
• B) An action that is unethical is also considered illegal in the U.S.
• C) The law prohibits all "morally objectionable" behavior.
• D) An action that is unethical may nonetheless be legal.

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Definitions:

Medallions

Licenses or permits, often used in reference to the system regulating taxis where a limited number of medallions are issued, granting the right to operate a cab.

Price Floor

A government-imposed minimum price for goods or services, intended to prevent prices from falling below a certain level.

Market-clearing Price

The price at which the quantity demanded by buyers equals the quantity supplied by sellers, eliminating any surplus or shortage in the market.

Surplus

The condition in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.