Ethical Pluralism Refers to

question 24

Multiple Choice

Ethical pluralism refers to

• A) the absence of moral standards
• B) the search for ethical diversity
• C) the creation of ethical consensus
• D) the combining of perspectives to resolve ethical problems

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Definitions:

Hicks Version

Refers to a model or approach in economics that elaborates on how consumer demand for goods is affected by changes in income and substitution effects.

Income and Substitution Effects

The changes in consumer behavior resulting from changes in relative prices and purchasing power, affecting choices between goods.

Utility Function

A mathematical representation of how a series of choices provides different levels of happiness or satisfaction to an individual or entity.

Budget Constraint

An economic model that represents all the combinations of goods and services that a consumer can afford, given their income and prices of goods.