Refer to the above figure. As the real national income expands from Y2 to Y3,

Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim that slave breeding was a myth by arguing that any profit-maximizing slave owner would consider slave breeding as long as:

(a) The expected rate of return from slave sales fell below the costs of rearing the slave to the age of sale. (b) Slavery was an irrational institution. (c) The expected rate of return from slave sales exceeded the costs of rearing the slave to the age of sale. (d) Slavery was an immoral institution.

An upward-sloping supply curve shows that: a. buyers are willing to pay more for particularly scarce products

b. suppliers expand production as the product price falls. c. suppliers are willing to increase production of their goods if they receive higher prices for them. d. buyers are willing to buy more as the product price falls. e. buyers are not affected either directly or indirectly by the sellers' costs of production.