Karl Marx Called Those Who Own the Means of Production

question 27

Multiple Choice

Karl Marx called those who own the means of production _______________ and those who make their living by selling their own labor power for a wage _______________.

• A) status groups; pariahs
• B) sellers; buyers
• C) producers; consumers
• D) merchants; peddlers
• E) capitalists; the working class

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Definitions:

Marginal Costs

The change in total production cost that arises when the quantity produced is incremented by one unit, reflecting the cost of producing one additional unit of a good.

Incremental Costs

Costs that change or increase depending on the decisions made by a company, such as starting a new production process or producing more units of a product.

Fixed Costs

Expenses that do not change with the level of production or sales activities, such as rent or salaries.

Marginal Costs

The cost incurred by producing one additional unit of a good or service.