The Amount by Which the Value of a Firm's Output

question 18

Multiple Choice

The amount by which the value of a firm's output exceeds the value of the goods and services that the firm purchases from other firms is called _____.

• A) profit
• B) value added
• C) the markup rate
• D) the marginal product

---

Definitions:

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary socialist who developed the critical theory of Marxism, analyzing the effects of capitalism on society.

Weber

A German sociologist, economist, and political scientist known for his theory on the process of rationalization in Western society.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations.

Estate Systems

A social hierarchy system where land and power are divided among lords and peasants, often inherited and fixed.