Utilitarianism Judges Morality by the Consequences of Our Actions, Not

question 52

True/False

Utilitarianism judges morality by the consequences of our actions, not the means to attaining those consequences.

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Definitions:

Equilibrium Wage

The wage rate at which the supply of labor matches the demand for labor, leading to an equilibrium in the labor market.

Competitive Labor Market

A market where numerous buyers (employers) and sellers (workers) exist, leading to wages derived from supply and demand conditions.

Marginal Product

The additional output that is generated by employing one more unit of a particular input.

Marginal Productivity Theory

An economic theory that posits that wages are determined by the marginal productivity of the laborer to the employer’s production.