A supply of foreign exchange occurs in the United States when

Research on the productivity of southern cotton plantations shows that:

a. cotton production was greater on large slave plantations than on small free-family farms. b. the majority of the South's cotton crop was grown on farm units of less than 100 acres. c. output per slave declined during the antebellum period. d. plantation-style agriculture was inefficient. e. All of the above.

With average-cost pricing, the firm in Figure 8.14 would be:

A. making a zero economic profit. B. losing money. C. making a positive economic profit. D. shut down.