The Following Three Standards Make Up the Moral Standards Approach

question 13

Multiple Choice

The following three standards make up the moral standards approach:

• A)Utilitarian, Individual rights, and Justice
• B)Utilitarian, Individual rights, and Fairness
• C)Legal, Individual rights, and Justice
• D)Utilitarian, Moral rights, and Justice
• E)Legal, Moral rights, and Justice

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Definitions:

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Barriers to Entry

Factors that make it difficult for new firms to enter an industry, such as high startup costs or strict regulations.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical.

Barriers to Entry

Obstacles that prevent new competitors from easily entering an industry or area of business.