Which of the Following Statements Most Accurately Describes the Significance

question 88

Multiple Choice

Which of the following statements most accurately describes the significance of the 1892 strike in Homestead, Pennsylvania?

• A) The strikers' defeat spelled the end of future union organization by skilled industrial workers.
• B) Press scrutiny of the strike sent stock prices up for Carnegie Steel Company, suggesting that "all press is good press" for corporate owners.
• C) It demonstrated the enormous power of large corporations and reflected the belief of many working Americans that they were being denied economic independence and self-governance.
• D) Public outcry over the involvement of the state militia in crushing the strike prompted the resignation of Pennsylvania's governor.

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Definitions:

Economic Profit

The difference between total revenues earned from production and the total opportunity costs of all inputs used in production.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes in market conditions.

Losses

Losses refer to the amount by which expenses exceed revenues in a particular period, indicating a negative financial performance for a business.

Constant-cost Industry

An industry in which the costs of production, including the prices of raw materials and wages, do not change as the industry's output changes.