Instrumental Marxism Holds That Those in Power Intentionally Create Laws

question 6

True/False

Instrumental Marxism holds that those in power intentionally create laws and social institutions that serve their own interests and that keep others from becoming powerful.

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Definitions:

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good versus what they actually receive, highlighting the benefit to producers from higher market prices.

Factor Rents

Payments for the use of factors of production such as land, labor, and capital, reflecting their income in an economic system.

Total Profit

The overall financial gain made by a business after subtracting all costs from the total revenue.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service compared to what they actually receive, due to market price.