In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______
a. at least 50% poorer than northerners.
b. far richer than northerners, except in the old South.
c. doing fairly well, even in the old South.
d. far richer than northerners but a downward trend was noticeable.
c. doing fairly well, even in the old South.
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The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve. B) horizontally summing the average total cost curve of all firms in the industry. C) adding up the quantities supplied at each price by each firm in the industry. D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.
In monopolistic competition there is an under-allocation of resources at the profit-maximizing level of output, which means that:
A. ATC is not equal to MC B. Price is greater than MR C. Price is greater than minimum ATC D. Price is greater than MC