The Workers in a Shoe Factory Were Tired of the Long

question 102

Multiple Choice

The workers in a shoe factory were tired of the long hours, poor working conditions, and low pay. They demanded that the situation improve and stopped working as a demonstration of discontent to the owners. Which of the following would Marx argue is the best solution to address the situation?

• A) Workers must accept private ownership in a capitalist state.
• B) Owners must improve working conditions for their workers.
• C) Workers must realize a class consciousness.
• D) Owners must realize a class consciousness.

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Definitions:

Oligopoly

A market structure dominated by a small number of large firms, leading to limited competition and often collaborative behavior among the firms.

Economic Profits

The surplus remaining after deducting all costs, including opportunity costs, from total revenues, indicating a firm's financial performance beyond breaking even.

Decreasing Returns to Scale

A situation in which, as the scale of production increases, the output increases at a diminishing rate, resulting in reduced efficiency.

Price-Inelastic

Describes a situation where the quantity demanded or supplied changes little when the price changes.