An Ethical System That Judges the Consequences of an Act

question 8

Multiple Choice

An ethical system that judges the consequences of an act is referred to as:

• A)a deontological ethical system.
• B)a teleological ethical system.
• C)a formal ethical system.
• D)a Kantian ethical system.

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Definitions:

TR < TVC

This expression denotes a situation where Total Revenue (TR) is less than Total Variable Costs (TVC), indicating a loss-making scenario for the business.

Minimum AVC

The lowest point of the average variable cost curve where each unit of production is at its cheapest.

Short Run

A period during which at least one factor of production is fixed, leading to limitations in output adjustment.

Long Run

A period of time in which all factors of production and costs are variable, allowing for full industry adjustment to changes.