Ross's Duty of Beneficence Entails That We

question 27

Multiple Choice

Ross's duty of beneficence entails that we

• A) do not harm others.
• B) show our thanks to those who do something for us.
• C) treat others fairly.
• D) extend generosity and kindness to people.

---

Definitions:

Total Variable Cost

The sum of all costs that vary with the level of output produced by a company.

Fixed Costs

Costs that do not vary with the level of production or sales.

Short Run

A period in which at least one input, such as plant size or the number of firms in the market, is fixed and cannot be changed.

Fixed Cost

Any cost that does not depend on the firms’ level of output. These costs are incurred even if the firm is producing nothing. There are no fixed costs in the long run.