According to Mill's Utilitarianism

question 4

Multiple Choice

According to Mill's utilitarianism

• A) rights are certain moral rules, the observance of which is of the utmost importance for the long-run, overall maximization of happiness.
• B) there are no moral rights.
• C) the rights possessed by human beings remain unchanged for all times and places.
• D) rights are those rules that a majority of the society would agree to behind the "veil of ignorance."

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Definitions:

Economic Profits

The difference between total revenue and total economic costs (including both explicit and implicit costs), representing surplus or profit not achievable in perfect competition.

Competitive Industries

Industries characterized by many firms competing for market share, leading to innovation and efficient resource allocation.

Production Costs

Expenses incurred during the process of creating a good or service, including labor, raw materials, and overhead costs.

Decreasing-Cost Industry

An industry in which expansion through the entry of firms lowers the prices that firms in the industry must pay for resources and therefore decreases their production costs.