The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer. The main reason for the difference in their results is:
a. Phillips failed to account for the effect of productivity gains in the concerned period.
b. Conrad and Meyer had better data on slave prices.
c. Conrad and Meyer used data from both northern and southern farms.
d. Phillips assumed that cotton prices were falling during the antebellum period.
a. Phillips failed to account for the effect of rising marginal product on profitability.
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__________is the amount of a product that is offered for sale at all possible prices that could prevail in a market.
Fill in the blank(s) with the appropriate word(s).
The Nash equilibrium in a Bertrand game of price setting where all firms have different marginal cost is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.