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Explain the southern proslavery argument, and account for why it continued despite abolitionist criticism. Why did southerners increasingly defend slavery as a positive good rather than simply a necessary evil? Why did southern pro-emancipation sentiment decline?
Monopoly Firms
Entities that are the sole providers of a product or service in a market, facing no competition.
Downward-Sloping
A term often used in economics to describe a line or curve on a graph that demonstrates a decrease in one variable as another increases.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price.
Perfectly Elastic
Refers to a situation in which the quantity demanded or supplied changes infinitely in response to any change in price.
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