Members of the Planter Aristocracy

question 27

Multiple Choice

Members of the planter aristocracy  

• A) produced fewer front-rank statesmen than the North.
• B) dominated society and politics in the South.
• C) provided democratic rule in the South.
• D) promoted tax-supported public education.
• E) were much more progressive about race and black people than white yeoman farmers and laborers in the South.

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Definitions:

Marginal Cost

The additional cost incurred from the production of one more unit of a product or service.

Total Cost

The complete cost of production that includes both fixed and variable costs.

Opportunity Cost

The best alternative that we forgo, or give up, when we make a choice or a decision.

ΔTVC/Δq

ΔTVC/Δq represents the change in Total Variable Cost (TVC) resulting from producing one additional unit of output, equivalent to Marginal Cost.