If the marginal propensity to consume (MPC) is 4/5, the value of the simple multiplier is:
a. 4

Slaves were

(a) unprofitable substitutes for wage labor on plantations. (b) profitable complements to capital equipment. (c) denied the use of shovels, hoes and axes. (d) all of the above.

Average revenue is slightly higher than price.

Answer the following statement true (T) or false (F)