After the Civil War (1861–1865), the cotton South
(a) continued to experience prosperity.
(b) was no longer the main contributor to the agricultural sector, as wheat production elsewhere began to prosper.
(c) experienced prosperity in some Southern states but not in all.
(d) was no longer the major source of income for the South; Southerners quickly supplemented their cotton incomes with income generated by the manufacturing sector.
(b)
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The average total cost curve
A) is U-shaped. B) diminishes initially because average fixed costs diminish. C) increases eventually because of diminishing returns. D) All of the above answers are correct.
Explain what the profit-maximizing combination of resources is for the perfectly competitive firm
What will be an ideal response?
If the numbers of people officially employed and officially unemployed each increased by 5%, with no change in the non-institutional civilian population, what would be the effect?
a. an increase in the unemployment rate and no change in the labor force participation rate b. a decrease in the unemployment rate and no an increase in the labor force participation rate. c. no change in the unemployment rate and an increase in the labor force participation rate d. no change in the unemployment rate and a decrease in the labor force participation rate
You observe that at your current production of lunch boxes, the average total cost of producing lunch boxes is $5 and the marginal cost of producing lunch boxes is $2. What should always happen if you increase lunch box production?
A. Marginal cost will rise. B. Marginal cost will fall. C. Average total cost will rise. D. Average total cost will fall.