How Can the Market Demand for a Public Good Be

question 79

Multiple Choice

How can the market demand for a public good be determined?

• A)By adding up the total private benefits and external benefits that each quantity provides the citizens of a country.
• B)By adding up how much each citizen expects to consume at each possible price.
• C)By adding up how much each consumer is willing to pay for each unit of the public good.
• D)By estimating the value of the benefit that each unit provides and multiplying that by the number of consumers.

Comprehend the significance of ethics and code of conduct in shaping organizational culture and employee behavior.

Grasp the role of legislation like the Dodd-Frank Act in promoting ethical business practices.

Understand how individual, managerial, and organizational factors influence ethical decision-making.

Learn the process of developing and implementing effective codes of ethics within an organization.

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Definitions:

Expected Utility Theory

A normative model of decision making in which the decision maker weighs the personal importance and probabilities of different outcomes in choosing among alternatives in order to maximize overall satisfaction of personal goals.

Prescriptive

Relating to the imposition or enforcement of rules, norms, or recommendations, often in a directive way.

Normative Models

theoretical models that prescribe how people should behave or make decisions, often based on optimal outcomes or rational choice theory.

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving a risk or uncertainty.