Ethical Parochialism

question 24

Multiple Choice

Ethical parochialism:

• A) assumes that ethical behaviour should protect the individuals belonging to the 'in group'
• B) suggests that the behaviour of individuals should be constrained by the law and the conventions of fair play
• C) is evidenced when individuals seek to maximise their own utility
• D) suggests that ethical behaviour should be concerned with the good of all humankind and that individuals are all of equal value

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Definitions:

Average Total Cost Curve

Illustrates the average cost per unit of output, combining both fixed and variable costs, at different levels of production.

Profit-maximizing Monopolist

A monopolist who determines the quantity of output and price levels that result in the highest possible profits, given its unique market power.

Downward-sloping Demand Curves

A graph showing that as the price of a good decreases, the quantity demanded increases, illustrating the inverse relationship between price and demand.

Market Power

The ability of a firm or entity to influence the price or control the availability of products or services in a market.