Doing What Is "Right" as Opposed to What Is "Wrong

question 29

Multiple Choice

Doing what is "right" as opposed to what is "wrong" is:

• A)the law.
• B)ethical behavior.
• C)is legal behavior.
• D)business behavior.

---

Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true profitability of a company.

Short Run

A period in economics during which at least one input is fixed and cannot be changed. It contrasts with the long run, where all inputs can be adjusted.

Long Run

A period in economic analysis during which all factors of production and costs are variable, allowing for full industry adjustment.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the cost per unit of output.