Read the Four Statements Below

question 118

Multiple Choice

Read the four statements below.Which is NOT a reason given in the text that a socialist revolution never took place in capitalist societies as Marx predicted?

• A)Stock places ownership of companies in the hands of tens of millions of people.
• B)Living standards for the majority have gone up.
• C)Wealth is no longer concentrated in the hands of a few.
• D)The law affords workers far more legal protections.

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Definitions:

Reservation Price Model

A model that defines the maximum price a consumer is willing to pay for a good or service.

Aggregate Demand

The aggregate need for all products and services in an economy, measured at a specific price level and during a particular time frame.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.