Figure 24-1 -In Figure 24.1 the Shift of the Aggregate Supply Curve

question 23

Multiple Choice

Figure 24-1

-In Figure 24.1 the shift of the aggregate supply curve from AS₁ to AS₂ and the following shift back to AS₁ is called ________.

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Definitions:

Ethical Relativism

The theory that holds that morality is relative to the norms of one's culture, meaning that what is considered morally right or wrong varies from society to society.

Consequentialism

An ethical theory that judges whether something is right or wrong based on the consequences of the action, rather than the action itself.

Utilitarianism

An ethical theory that suggests the best action is the one that maximizes utility, often defined as maximizing happiness and reducing suffering.

Ethical Relativism

The theory that moral principles are not universal but instead vary depending on culture, individual perspective, or societal norms.