Which of the Following Approaches Emphasizes the Need to Follow

question 1

Multiple Choice

Which of the following approaches emphasizes the need to follow legal rules regardless of unfavorable consequences?

• A)Virtue ethics
• B)Utilitarianism
• C)Principle-based
• D)Egoism

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Definitions:

ATC Curve

represents the Average Total Cost of production, showing how costs change with changes in output level.

Profit-Maximizing Monopoly

A monopolistic entity that adjusts its production volume and price to achieve the highest possible profits.

Price Per Unit

The cost assigned to a single unit of a product or service, used to determine the total price for a specific quantity.

Economic Profits

A rephrased definition of economic profit, emphasizing the gains a firm makes in excess of its total operational costs, including opportunity costs.