Surplus Refers To

question 83

Multiple Choice

Surplus refers to:

• A) the difference between the price at which a buyer or seller would be willing to trade and the actual price.
• B) the difference between the willingness to pay and the actual price paid.
• C) the difference between the willingness to sell and the actual price accepted.
• D) All of these are true.

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Definitions:

Managers

Managers are individuals responsible for planning, leading, organizing, and controlling resources, including human, financial, and informational, to achieve organizational goals.

Instrumental Value

The utility or usefulness of something in achieving a goal or fulfilling a purpose.

Utilitarian View

A perspective in ethics that holds that the best action is the one that maximizes utility, often defined as that which produces the greatest well-being of the greatest number of people.

Ethical Understanding

involves comprehending moral principles and values, enabling individuals to make decisions that consider the welfare of others and the broader society.