A Person's Conscience

question 123

Multiple Choice

A person's conscience:

• A) Internally reminds a person of right and wrong behavior
• B) Makes the person feel badly when he or she makes a poor choice
• C) Is the third level of ethical decision making
• D) All of the above

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Definitions:

AVC

Average Variable Cost, which is the cost a company incurs to produce each additional unit of product, excluding fixed costs.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

Total Revenue

The total income generated by a firm or economy from its sale of goods and services, calculated before any expenses are subtracted.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit, often involving analysis of marginal costs and marginal revenues.