When Evaluating a Decision Based on the Ethical Norm of Utility,a

question 172

Multiple Choice

When evaluating a decision based on the ethical norm of utility,a manager will consider which of the following questions?

• A) Is the decision consistent with what we regard as fair?
• B) Does the decision respect the rights of the individuals involved?
• C) Is the decision consistent with people's responsibility to each other?
• D) Does the decision optimize the benefits for those who are affected by it?

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Definitions:

Inefficient

A state where resources are not optimally allocated, often resulting in wasted resources or outputs that do not maximize potential value.

Monopolistically Competitive

Describes a market structure where many companies sell products that are substitutes, but are not perfect substitutes, leading to some degree of market power for each firm.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs or strict regulations.

Product Differentiation

The process of distinguishing a product from others in the market to make it more attractive to a particular target market.