Which of the following would empirically support the claim that slave owners were optimistic about the future of the slave system in the 1850s?
(a) Rising slave prices
(b) An increasing demand for slaves
(c) A positive net return to slave purchases
(d) All of the above
(d)
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Universities are able to act as monopsonists in the market for professors because
A) a university usually does not consider hiring faculty members from another institution. B) faculty members usually have to move to a different city when changing universities. C) students like all of their professors. D) senior faculty members are willing to move to a new university at any cost.
If a monopolist is forced to set price equal to average total cost, economic profit
a. will be negative, and the monopolist may go out of business b. will be zero c. will be positive d. will be negative, and the firm will stay in business if there are significant fixed costs e. may be positive, negative, or zero