The Term Used to Describe a Utilitarian Principle Wherein Justification

question 51

Short Answer

The term used to describe a utilitarian principle wherein justification for bad means comes from the good end result is ______________________.

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.

Consumer Preference

The inclination of consumers toward certain products or services over others based on their characteristics, such as taste, quality, and price.

Equilibrium

An equilibrium in the market where demand matches supply, thereby stabilizing prices.