An Association of Persons Performing a Certain Type of Skill

question 66

Multiple Choice

An association of persons performing a certain type of skill or trade is called

• A)an independent local union.
• B)a provincial federation of labour.
• C)a craft union.
• D)an international union.
• E)an industrial union.

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Definitions:

Selling Price

The price at which a product or service is offered to the consumer.

Contribution Margin

The contribution margin is the sales revenue minus the variable costs. It shows how much revenue contributes to covering the fixed costs and generating profit.

Fixed Corporate Costs

Expenses that do not vary with production levels, including salaries of executives, rent, and insurance.

Fixed Costs

Expenses that do not change with the level of output or sales over a specific period, such as rent, salaries, or insurance.