In the Ethical Yardstick of ________, Decisions Are Made Solely

question 101

Multiple Choice

In the ethical yardstick of ________, decisions are made solely on the basis of their outcomes, ideally to provide the greatest good for the greatest number.

• A) utilitarianism
• B) self-serving bias
• C) bounded rationality
• D) selective perception
• E) anchoring bias

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Definitions:

Quantity Supplied

How much of a product or service that sellers are willing and able to transact at a given price level.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded; it is the price that clears the market.

Surplus

A surplus refers to the amount by which the quantity supplied of a product or service exceeds the quantity demanded, often resulting in a decrease in prices.

Shortage

A market condition where the demand for a good exceeds its supply at a specific price, often leading to price increases.