Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML does not a. have any fixed costs of production. b. choose the quantity of butter to produce. c. set marginal revenue equal to marginal cost to maximize profit. d. choose the price at which it sells its butter.

The state troopers in one state have a motto, “nine you’re fine; ten you’re mine,” which is the standard that they use for pulling over speeders on the state highways. in other words, if the posted speed limit is 55 mph, drivers can drive at a rate up to 64 mph without fear of getting a ticket. which of the following best describes the ethical culture in the state? a. the troopers are following a standard of positive law. b. the troopers are following a normative standard. c. the troopers are following a headline test. d. the troopers are following the blanchard/peale standard.