Answer:
businesses are required to follow laws and regulations, but they choose to follow ethical standards in a code of ethics
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Answer:
Curve 1 - Marginal private cost curve
Curve 2 - demand curve
Curve 3 - Marginal Social Benefit Curve
Q1 - Market Output
Explanation:
Marginal cost is the cost for one additional unit production. It is U shaped because when more units are produced the marginal cost will decline. When more units are produced and sold the marginal cost will be lower. There fore demand curve should be inclining when marginal cost needs to be lower.