Which of the Following Is the Best Distinction Between Ethics

question 7

Multiple Choice

Which of the following is the best distinction between ethics and law?

• A) Ethics is based upon religion, whereas the law is not.
• B) Law is primarily concerned with what people are required to do, whereas ethics is concerned with what people ought to do.
• C) Ethics is a system of rules articulated to guide human conduct, whereas the law suggests what people should do.
• D) Law deals with human rights, whereas ethics rarely does.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for all possible adjustments in production and operations.

Break-Even

The point at which total cost and total revenue are equal, meaning the business or project is not making a loss nor profit.

Peak Efficiency

Peak Efficiency is the optimal state of operation where resources and processes produce maximum output with minimum waste or inefficiency.

ATC Curve

The Average Total Cost curve graphically represents the total cost per unit of output produced, calculated by dividing the total cost by the quantity of output.