The Standards Used to Judge Fairness in a Person's Dealing

question 21

Multiple Choice

The standards used to judge fairness in a person's dealing with others is referred to as

• A) morals.
• B) ethics.
• C) integrity.
• D) justice.

---

Definitions:

Production

The process of creating goods or services by combining various inputs in order to make products that are suitable for consumption or further production.

Increasing Returns To Scale

A situation in production where an increase in the scale of inputs leads to a more than proportional increase in output.

Weak Axiom

In consumer theory, it refers to the consistency of consumer choice behavior under the assumption of non-increasing preferences.

Profit-maximizing Behavior

An economic principle where businesses seek to achieve the highest possible profit from their operations.