_____ Is an Unwritten but Well Understood Set of Rules

question 66

Multiple Choice

_____ is an unwritten but well understood set of rules or standards of moral responsibility.

• A) Ethical regulations
• B) Explicit codes of ethics
• C) Implicit codes of ethics
• D) Moral laws
• E) Ethical standards

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Definitions:

Hay

Dried grass used primarily as animal fodder, especially for grazing animals like cows and horses.

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the actual amount they end up spending.

Reservation Price

The maximum price a consumer is willing to pay for a good or service, beyond which they will choose not to purchase it.

Cost Function

A mathematical formula or equation that describes how production costs change with alterations in the volume of output.