What Is the "Iron Law of Oligarchy

question 3

Multiple Choice

What is the "iron law of oligarchy"?

• A) The notion that in any organization, power is in the hands of the few
• B) The idea that elites should rule society because they are better able to do so
• C) The philosophy that masses should obey because they are stupid and lazy
• D) The theory that elites get their power from manufacturing

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Definitions:

Homogeneous Product

A product that is identical in all aspects from all producers, making it indistinguishable among suppliers.

Labor Force Participation

The ratio of the labor force to the total working-age population, indicating the percentage of people working or seeking work.

Professions

Occupations that require specialized education, training, and skills, often associated with professional licensure.

Earnings Ratio

A ratio that compares different types of earnings or income, often used for analyses like gender wage gaps or industry comparisons.