According to the research of economic historians, Southern farms
(a) realized the gains from regional specialization in the production of cotton, tobacco, sugar
and rice.
(b) used the gang system to increase the production of slaves.
(c) were far larger, on average, than farms in the North.
(d) were all of the above.
(d)
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Monopolistic competition means
A) monopolies from several countries compete in the global market. B) a large number of firms producing homogeneous products. C) a large number of firms producing differentiated products. D) few firms producing differentiated products.
Refer to the table. If the economy is producing at production alternative C, the opportunity cost of the tenth unit of consumer goods will be:
Answer the question on the basis of the data given in the following production possibilities
table:
A. 4 units of capital goods.
B. 2 units of capital goods.
C. 3 units of capital goods.
D. 1 / 3 of a unit of capital goods.