Which Ethical Decision-Making Approach Advocates Basing Decisions on Fairness

question 91

Multiple Choice

Which ethical decision-making approach advocates basing decisions on fairness?

• A) utilitarian
• B) objectivity
• C) rights
• D) justice

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Definitions:

Competitive Industry

A market characterized by a large number of firms competing against each other, leading to product diversity, innovation, and fair prices for consumers.

Market Demand

represents the total demand for a product or service within a market, determined by consumers' willingness and ability to buy at various prices.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Perfectly Competitive

Describes a market structure where numerous small firms compete against each other, and products are considered perfect substitutes.