Elite Theory, or Elitism, Is an Approach to Describing Society

question 48

Multiple Choice

Elite theory, or elitism, is an approach to describing society focusing on

• A) a normative endorsement of elite rule.
• B) an automatic dismissal of elite behavior.
• C) elite conspiracies to oppress and exploit the masses.
• D) the few with power-their values, their behavior, and their demographics.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.

Marginal Cost

The increase or decrease in the total cost incurred from producing one additional unit of a good or service.

Industry Entry

The act of a new company entering an existing market with the intention of selling goods or services.