Read the Four Statements Below

question 67

Multiple Choice

Read the four statements below.Only one of them is FALSE.Which is it?

• A)Living standards in the United States have risen since Marx's lifetime.
• B)More workers have unions to represent them than in Marx's lifetime.
• C)Today, laws enhance workplace safety and set minimum wages, which was not the case during Marx's lifetime.
• D)Today, ordinary working people no longer experience the effects of the social inequality.

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Definitions:

Marginal Revenue

The additional income generated by selling one more unit of a good or service.

Short-run Position

A period in economics where at least one input is fixed, making it a timeframe where not all production conditions can be changed.

Profit-maximizing

A strategy or point where a firm achieves the highest possible profit, given its costs and market demand.

Pure Monopolist

A single seller in a market who has the power to control market prices and output without any competition.