In 1896 the Supreme Court Declared That "Separate but Equal

question 64

Short Answer

In 1896 the Supreme Court declared that "separate but equal" in matters of race relations was constitutional,in the case of ________.

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Definitions:

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.

Pin Factory

An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.

Constant Returns to Scale

A situation in production where increasing the amount of inputs results in a proportional increase in the output.