By the Thirteenth Century, Virtually Every Group of Craftworkers

question 73

Multiple Choice

By the thirteenth century, virtually every group of craftworkers

• A)had its own guild.
• B)had its own city.
• C)was organized into a political faction.
• D)was dominated by women.
• E)had rebelled against town elites.

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Definitions:

Minimum Average Cost

The lowest point on the average cost curve, signifying the most efficient scale of operation for a firm.

Decreasing Cost

Decreasing cost refers to a situation where costs fall as the scale of production increases, often due to efficiencies or benefits gained from economies of scale.

Differentiated Product

A product that has unique characteristics compared to other products in the market, often highlighted through branding and quality to compete on factors other than price.

Downward Sloping Demand

A fundamental principle in economics that suggests demand for a product decreases as the price increases, illustrated by a demand curve that slopes downwards from left to right.