A(n)________ View of Ethics States That More Productive Workers Should

question 31

Multiple Choice

A(n) ________ view of ethics states that more productive workers should get more pay and less productive workers less pay, regardless of other circumstances.

• A)rights
• B)utilitarian
• C)theory of justice
• D)individual liberties

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, beyond just accounting profits.

Average Cost

Average cost is the total cost of production divided by the number of goods produced, indicating the cost per unit of output.

Purely Competitive Firm

A firm that operates in a purely competitive market, characterized by many competitors, homogeneous products, and free market entry and exit.

Monopolistic Competitor

A firm that operates in a market with many other firms offering similar but not identical products, leading to competitive pricing and product differentiation.