How Can One Apply the Different Approaches to Ethics in a Decision-Making

question 15

Essay

How can one apply the different approaches to ethics in a decision-making process?

---

Definitions:

Consumers

are individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

Price

The charge projected, needed, or delivered in payment for a particular commodity.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market without any close substitutes.

Price Taker

A market participant that accepts market prices as given and has no influence to alter the price of the good or service.