Excess Supply Is

question 48

Multiple Choice

Excess supply is:

• A) the result of a price that is above equilibrium, causing the quantity demanded to exceed the quantity supplied.
• B) the result of a price that is below equilibrium, causing the quantity demanded to exceed the quantity supplied.
• C) the result of a price that is above equilibrium, causing the quantity supplied to exceed the quantity demanded.
• D) the result of a price that is below equilibrium, causing the quantity supplied to exceed the quantity demanded.

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Definitions:

Utilitarianism

Utilitarianism is an ethical theory that proposes that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Deontological Theory

A moral philosophy that emphasizes the importance of adherence to a set of duties or rules, suggesting that the morality of an action is primarily determined by its adherence to these rules, rather than by its consequences.

Kantianism

Kantianism is a philosophical doctrine based on the works of Immanuel Kant, emphasizing the principles of universal morality, duty, and the importance of intention behind actions.

Rights Theory

A framework in ethics and philosophy that holds certain rights as fundamentally important to human beings, which must be respected and protected.