Question


(p. 54) Which of the following is a teleological theory based on the laissez-faire theory of capitalism?

A. Act utilitarianism
B. Profit maximization
C. Rule utilitarianism
D. Difference principle
Profit maximization is a teleological theory that is based on the laissez-faire theory of capitalism first espoused by Adam Smith in the 18th century. It contends that business managers should maximize a business's long-run profits within the limits of the law.

Answer

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