Moral Principles and Values That Govern the Actions and Decisions

question 176

Multiple Choice

moral principles and values that govern the actions and decisions of an individual or group are referred to as

• A) social norms.
• B) cultural values.
• C) ethics.
• D) societal philosophy.
• E) religion.

---

Definitions:

Losses Minimized

A strategy or condition where a firm or individual seeks to reduce the amount of waste or financial loss to the lowest possible level.

Profit-Maximizing

The process or strategy of adjusting production and sale practices to achieve the highest possible profit.

Total Revenue

The total income received from the sale of goods or services before any expenses are subtracted.

Nondiscriminating Monopolist

A monopolist that charges all consumers the same price for its product or service, as opposed to charging different prices based on consumer attributes or willingness to pay.