Which of the Following Statements Is (Are) TRUE About Market

question 19

Multiple Choice

Which of the following statements is (are) TRUE about market failures? I. Property rights are clearly defined.
II) Information is available to all decision makers.
III) External costs are not considered in production decisions by producers.

• A) I
• B) I and II
• C) III
• D) I, II, and III

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Definitions:

Duty-Defined Morality

A framework in ethics where the moral status of an action is based on whether it is in accordance with a set of duties and rules, rather than on the consequences of the action.

Utilitarianism

An ethical theory that posits the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Virtue Ethics

An ethical theory that emphasizes virtues of mind, character, and sense of honesty as the basis for morality.

Ethics of Care

A normative ethical theory that emphasizes interpersonal relationships and compassion as foundational to moral action.