Examlex
Which of the following schools of ethical thought teaches that individuals have rights and that ethical principles are developed through reasoning?
Equilibrium
A state of balance in a system where supply equals demand, and there is no external force prompting change.
Consumer Surplus
The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.
Producer Surplus
The difference between what producers are willing and able to sell a good for and the actual price they receive, representing the benefit to sellers.
Opportunity Cost
The expense incurred by not choosing the second-best option in any decision-making process.
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