One of the Major Reasons the Knights of Labor Failed

question 41

Multiple Choice

One of the major reasons the Knights of Labor failed was

• A) its racial exclusiveness.
• B) its support of unskilled workers.
• C) its failure to admit women to its ranks.
• D) its abandonment of the concept of independent producers.
• E) the absence of "class consciousness" that caused the Knights to neglect focusing their energies on agitating and negotiating for what economic benefits they could gain from the existing capitalist system.

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Definitions:

Social Cost

The total cost to society, including both private costs incurred by producers and external costs to other parties not involved in the transaction.

Private Value

The value of an asset or service as perceived by an individual or entity, not necessarily reflecting its market value.

Socially Optimal

A state of resource allocation where social welfare is maximized, balancing benefits and costs to society.

Private Value

Refers to the specific value that an individual or organization assigns to a good or service, based on personal assessment rather than market value.