To Karl Marx, the Ruling Class

question 3

Multiple Choice

To Karl Marx, the ruling class

• A)are the elected representatives of the society.
• B)rules in the interests of the whole society.
• C)avoids decision making in society, preferring to make money.
• D)rules in its own interests.

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Definitions:

Pure Monopolist

A single seller in a market with no close substitutes for the product, resulting in complete market control.

Pure Competitor

A market participant in an industry where many sellers offer identical products, and no single seller can influence market price.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for competition on factors other than price.

Product Differentiation

The method of making a product or service stand out from the competition to appeal more to a specific target audience.