Use the Following to Answer Questions

question 19

Multiple Choice

Use the following to answer questions:
-(Table: Lunch) Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is one of many firms in a competitive industry, what is consumer surplus in the long run?

• A) $4
• B) $10
• C) $180
• D) $360

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Definitions:

Ethical Development

The process by which individuals or organizations improve their decision-making by aligning it with moral and ethical principles.

Preconventional

A stage of moral development where individuals' ethical principles are guided by the consequences of actions and external rewards or punishments.

Cheat

Engaging in dishonest or deceitful behavior to gain an unfair advantage in a competitive situation or to bypass established rules.

Ethical Development

The process of establishing and applying moral standards and principles within individuals, organizations, or societies.