Figure 6-12 -Refer to Figure 6-12. Which of the Following Statements Best

question 47

Multiple Choice

Figure 6-12
-Refer to Figure 6-12. Which of the following statements best relates the figure to the events that occurred in the United States in the 1970s?

• A) Buyers of gasoline paid a price of P1 before 1973; they paid a price of P2 after OPEC increased the price of crude oil in 1973, and there was a shortage of gasoline at that price.
• B) Buyers of gasoline paid a price of P1 before 1973; they paid a price of P3 after OPEC increased the price of crude oil in 1973, and there was a shortage of gasoline at that price.
• C) Buyers of gasoline paid a price of P2 before 1973; they paid a price of P3 after OPEC increased the price of crude oil in 1973, with no shortage of gasoline at that price.
• D) The price ceiling was binding before 1973; the price ceiling was no longer binding after OPEC increased the price of crude oil in 1973.

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Definitions:

Character Ethics

A branch of ethics focused on virtues and moral character as the foundation of ethical behavior, rather than rules or consequences.

Happiness Concern

The issue or focus on understanding what factors contribute to human happiness and well-being.

Human Flourishing

A concept in moral philosophy that relates to living well and realizing one's full potential through ethical and virtuous actions.

Golden Mean

Aristotle's concept of finding the desirable middle between two extremes, one of excess and the other of deficiency.