According to John Rawls

question 62

Multiple Choice

According to John Rawls,

• A) people in the original position choose the principles on the basis of self-interest.
• B) in the original position, people must have full and complete knowledge.
• C) justice forbids any social or economic inequalities.
• D) liberty is of little or no importance compared to equality.

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, leading to some degree of market power and differentiation.

Profit Maximization

The process or strategy employed by businesses aiming to achieve the highest possible profit, where marginal costs equal marginal revenues.

Herfindahl Index

A measure used to calculate the concentration of market power within an industry, indicating the competitiveness or monopolistic tendencies.