The Explanation for Why Marginal Cost Is Positive and Rising

question 241

Multiple Choice

The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.

• A) a zero
• B) a constant
• C) an increasing
• D) a diminishing

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Definitions:

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary socialist whose works about the struggles between classes under capitalism are foundational to the development of communist theory.

Weber

A reference to Max Weber, a German sociologist and political economist whose theories on authority, bureaucracy, and social stratification have significantly influenced the field of sociology.

Davis and Moore

Sociologists who proposed a functionalist theory suggesting that social stratification has beneficial consequences for the operation of society.

Feudalism

A social system in medieval Europe where the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants were obligated to live on their lord's land and give him homage, labor, and a share of the produce.