Three Types of Fairness Theories Include Which of the Following

question 89

Multiple Choice

Three types of fairness theories include which of the following?

• A) Individual fairness
• B) Personal justice
• C) Distributive justice
• D) Universal justice

---

Definitions:

Good Substitutes

Products or services that can be used in place of each other, with consumers willing to switch from one to the other if the price or quality changes.

Necessity

Goods or services considered essential for basic human survival and well-being, such as food, water, and shelter.

Income Percentage

A measure or fraction of personal or household income, often used in context to describe expenditure, saving, or taxation ratios.

Inelastic Demand

A situation in which the demand for a product does not significantly change in response to a change in price.