Elaborate on the Text Authors' Comment That with the Invention

question 16

Essay

Elaborate on the text authors' comment that with the invention of the cotton gin, "the slave [was] ... chained to the gin and the planter to the slave."

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Definitions:

Long Run

A time frame where every element of production and expenses can vary, enabling complete adaptation to any shifts.

Capital/Labor Intensity

A measure of the ratio of capital to labor in the production process, indicating whether an economy or sector relies more on capital investment or labor.

Corporate Profits Tax

A tax imposed by governments on the income earned by companies and corporations.

Labor Supply

The total amount of hours employees are ready and capable of working for a specified rate of pay.