In the antebellum period, U.S. cotton production
a. moved inland and westward following the invention of the cotton gin.
b. was unable to meet the demand of the growing U.S. textile industry.
c. was concentrated on small farms of less than 100 acres.
d. faced declining world demand for most of the antebellum period.
a. moved inland and westward following the invention of the cotton gin.
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If both the marginal cost and the average variable cost curves are U-shaped, which of the following is true over the range of output for which the average variable cost curve has a negative slope? a. The marginal cost curve must have a negative slope
b. The average total cost curve must have a negative slope. c. The marginal cost curve is below the average variable cost curve. d. both (b) and (c) are correct.
Which of the following industries is most likely to exhibit the characteristic of free entry?
a. nuclear power b. municipal water and sewer c. dairy farming d. airport security