The Theory That Argues for the Centrality of the Individual

question 9

Multiple Choice

The theory that argues for the centrality of the individual as holding the moral right to act on their own judgment directs and to keep the product of their own efforts is a central tenet of ______.

• A) communism
• B) existentialism
• C) objectivism
• D) contractarianism

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Definitions:

Labor Supplied

The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.

Binding Price Floor

A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.

Sellers

Market participants involved in providing goods or services for purchase, playing a key role in the supply side of the economy.

Equilibrium Price

The market price at which the quantity demanded equals the quantity supplied, leading to a stable market condition.