According to Karl Marx, one's social consciousness was determined by one's relationship to the ____________.
Fill in the blank(s) with the appropriate word(s).
means of production
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(Consider This) The hedonic treadmill refers to a phenomenon where:
A. people can't improve their economic well-being because prices increase as fast as wages. B. people can't get out of debt because credit card companies use anchoring to get consumers to carry large balances on their accounts. C. increasing our level of consumption doesn't make us any happier in the long term. D. feelings of loss offset our feelings of gain, leaving us no happier in the long term.
Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, then the socially optimal level of output is ________.
A. 3 units B. 4 units C. 7 units D. 6 units
Every spring, motorists do more driving than during the winter months. Every spring, the price of gasoline increases and the motorists buy more gasoline. This experience suggests that the
A) "law of supply" does not always hold for necessities like gasoline. B) "law of demand" does not always hold for necessities like gasoline. C) laws of supply and demand are both contradicted for gasoline, though only during the spring driving season. D) None of the above answers are correct.
Scarcity raises both price and marginal utility but generally reduces total utility
a. True b. False Indicate whether the statement is true or false