The Knights of Labor

question 64

Multiple Choice

The Knights of Labor

• A) was primarily a trade union.
• B) did not allow women to join.
• C) began as a secret fraternal organization.
• D) focused its efforts on improving wages and reducing hours.
• E) tried in particular to enlist support for their cause from lawyers.

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Definitions:

Average Total Cost

The total cost of production divided by the number of units produced, representing the per-unit cost of production.

Marginal Cost

Indicates the change in total production cost that arises when the quantity produced is increased by one unit.

Output

The overall production of goods and services by a business or the entire economy.

MC Curve

The Marginal Cost Curve, which shows the cost of producing one more unit of a good or service.