An Increase in the Number of Producers Will

question 409

Multiple Choice

An increase in the number of producers will:

• A) increase the market supply, because the price will rise.
• B) increase the market supply only when market demand increases too.
• C) increase the market supply, because market supply is the sum of all individual supply curves.
• D) increase the market supply only if each supplier has an identical supply curve.
• E) decrease the market supply, because firms compete with each other and each firm will supply more.

---

Definitions:

Slave Trading

The act of buying and selling human beings for the purpose of forced and unpaid labor, a practice notably prevalent in the transatlantic slave trade until the 19th century.

Upper South

A term referring to the northern part of the Southern United States, characterized by a mix of agriculture and industrialization, especially prior to and during the Civil War.

Industrial Development

The process of industrialization whereby an economy is transformed from primarily agricultural to one based on the manufacturing of goods. Individual manual labor is often replaced by mechanized mass production.

Fugitive Slaves

Escaped slaves from Southern plantations seeking freedom in the North or Canada especially during the 19th century before the abolition of slavery.