The Ethical Principle That Dictates That a Decision Should Be

question 6

Multiple Choice

The ethical principle that dictates that a decision should be made according to the universally accepted principles of morality is referred to as _________.

• A) moral rules
• B) utilization
• C) social contract
• D) none of the above

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Definitions:

AVC Curve

Stands for Average Variable Cost curve, illustrating the average variable costs of production at different output levels.

ATC Curve

Average Total Cost Curve, a graphical representation showing how the average cost of producing one unit of goods changes with the level of production.

Average Fixed Cost

Average Fixed Cost is the fixed expenses of a company divided by the number of units produced, decreasing as production increases.

Marginal Product

The extra output or benefit received from using one more unit of a variable input.