_________ Is the Third Step in the General Framework for Ethics

question 45

Multiple Choice

_________ is the third step in the general framework for ethics.

• A) Act and reflect on the outcome of your decision
• B) Evaluate alternative actions
• C) Get the facts
• D) Make a decision and test it
• E) Recognize an ethical issue

---

Definitions:

Allocative Efficiency

A state of resource allocation where resources are distributed according to consumer preferences, often considered an optimal distribution of goods and services.

Prisoners' Dilemma

A scenario in game theory that demonstrates why two rational individuals might not cooperate, even if it appears that it is in their best interest to do so.

Repeated Games

A strategic situation in which the same game is played several times by the same participants, allowing for the development of strategies based on past outcomes.

Contestable Markets Model

An economic concept suggesting that a market is competitive if entry and exit costs are low, even if it is dominated by a few firms.