A Well-Known Consequential Theory Which Suggests That Right and Wrong

question 26

Multiple Choice

A well-known consequential theory which suggests that right and wrong is determined by the consequence of the action and we should maximize the most good for the greatest number of people is:

• A)cultural relativism
• B)universal moralism
• C)utilitarianism
• D)rule-based theory

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Definitions:

Short-Run Supply

The supply of goods or services that businesses can produce or provide with their current resources and capacities in a short time frame.

Purely Competitive

A market structure characterized by many sellers offering identical products or services, leading to a scenario where no single seller can influence market price.

AVC Curve

The graphical representation of the Average Variable Cost of production as it relates to output levels.

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be changed.