Explain the Arguments of the Conflict Theorists That Science and Technological

question 23

Essay

Explain the arguments of the conflict theorists that science and technological development benefit a select few and further the interests of dominant groups to the detriment of others. Give examples to illustrate these arguments.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit from the market.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Single-Price Monopolist

A market dominance condition where a monopolist charges the same price for all units of a product sold to every consumer.