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Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
-There are three ethical theories based on the concept of duty that speak to the ethical dimensions of quality. Describe and evaluate each of these theories.
Price
The measure of money anticipated, obligatory, or tendered in payment towards an item.
Equilibrium Price
The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price, where market supply and demand balance.
Quantity Demanded
The collective measure of a commodity or service that people are eager and have the means to purchase at an identified price level.
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