Which of the Following Observations Is True

question 6

Multiple Choice

Which of the following observations is true?

• A)Obedience to the law is sufficient to fulfill one's ethical duties.
• B)The law is very effective at promoting "goods."
• C)The law cannot anticipate every new dilemma that businesses might face.
• D)An individual's ethical responsibility can never run counter to the law.

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Definitions:

Economic Profit

The difference between a firm's total revenues and the sum of its explicit and implicit costs, indicating its overall financial health beyond just accounting profits.

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.