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The following questions refer to the excerpt below.
"I told him I thought that every man,when he was free,could have his rights and protect [himself].He said,"The colored people could never protect themselves among the white people.So you had all better stay with the white people who raised you and make contracts with them to work by the year for one-fifth of all you make.And next year you can get one-third,and the next you maybe work for one-half you make.We have contracts for you all to sign,to work for one-twentieth you make from now until the crop is ended,and then next year you all can make another crop and get more of it.""
Senate Report 693,46th Congress,2nd Session,1880
-One reason for the development of the system described in this excerpt was that
Perfect Competition
A theoretical market structure that includes a large number of small firms, freedom of entry and exit, homogeneity of products, and perfect information.
Goods Distribution
The process of making a product or service available for the consumer or business user who needs it, which can involve transportation, packaging, and delivery.
Efficient Allocations
An economic condition where resources are distributed in the most effective manner, allowing for the optimization of outputs from given inputs without waste.
Contract Curve
In economics, it represents the locus of points indicating the optimal distribution of resources between parties in an Edgeworth box diagram.
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