According to the Postmodernist Michel Foucault

question 3

Multiple Choice

According to the postmodernist Michel Foucault

• A)the key to social or political power is the power to specify what constitutes knowledge.
• B)the key to social or political power is economic.
• C)modern means secular, and a return to the spiritual or premodern is preferred.
• D)a return to the classical canon is necessary.
• E)truth and meaning are the assertions of the masses seeking to attain power.

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Definitions:

Efficient Price

A price that reflects all available information and makes the best use of resources, minimizing waste and maximizing value.

Market Output

The total quantity of goods and services produced and supplied by firms in a market at a given price level and time period.

External Benefit

A positive effect experienced by individuals or groups who are not directly involved in an economic transaction or activity.

Market Price

The existing rate at which an item or service may be traded or acquired in a commercial setting.