A State in Which Every Person Has the Same Equal

question 51

Multiple Choice

A state in which every person has the same equal basic liberties, all positions are open to everyone under fair equality of opportunity, and all decisions should "be to the greatest benefit of the least-advantaged members of society" is known as ______.

• A) the state of nature
• B) the basic state
• C) the liberal state
• D) the utilitarian state

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Definitions:

Marginal Product

The addition to total output due to the use of one more unit of a variable input, keeping all other inputs constant.

Profit-maximizing

The process or strategy of adjusting production and prices to achieve the highest possible profit, taking into account costs and market demand.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.