The ___________ Approach to Ethical Decision Making Focuses on What

question 50

Multiple Choice

The ___________ approach to ethical decision making focuses on what decision an individual should make.

• A) prescriptive
• B) descriptive
• C) illustrative
• D) regulatory

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Definitions:

Equilibrium Price

The market valuation where the supply of products equals the demand for products.

Gains From Trade

The benefits that parties obtain from engaging in voluntary trading, often leading to an increase in overall welfare and efficiencies.

Consumer Surplus

The mismatch between the aggregate amount consumers intend and can afford to pay for a product or service and the aggregate amount they really pay.

Producer Surplus

The difference between the amount a producer is willing to accept for a good versus what they actually receive in the market.