Question

Alfred Marshall developed a very important model that is considered one of the cornerstones of modern economic theory. Under this model, when the Supply increases, we can expect that

Select one: a. prices will decrease and the quantity traded in this market will increase

b. prices will increase and the quantity traded in this market will increase

c. prices will decrease and the quantity traded in this market will decrease

d. prices will increase and the quantity traded in this market will decrease

e. the prices and quantity will remain constant

This economist argued that workers invariably lose under capitalism the ability to determine life and destiny when deprived of the right to think of themselves as the director of their own actions; to determine the character of said actions; to define relationships with other people; and to own those items of value from goods and services, produced by their own labour.

Select one: a. Karl Marx b. Adam Smith c. Jeremy Bentham d. David Ricardo e. Thomas Malthus

Answer 1

ANSWER-

1.) Alfred Marshall developed a very important model that is considered one of the cornerstones of modern economic theory. Under this model, when the Supply increases, we can expect that prices will decrease and the quantity traded in this market will increase.

When a market is in equilibrium (where demand is equal to supply) an increase in supply causes supply curve to shift to right and when the supply curve shifts to the right the level of price decreases and the quantity tarded increases.

So, the answer is (a) prices will decrease and the quantity traded in this market will increase.

2.) This economist argued that workers invariably lose under capitalism the ability to determine life and destiny when deprived of the right to think of themselves as the director of their own actions; to determine the character of said actions; to define relationships with other people; and to own those items of value from goods and services, produced by their own labour.

Answer - (a) Karl Marx

Explanation - The Karl Marx developed the theory of alienation in which he stated that within the capitalist production mode is that worker losses his ability to determine density and life deprived of right to think for themselves as head of his own actions.