The Text Compares Two Studies on the Profitability of Slavery

question 33

Multiple Choice

The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer.The main reason for the difference in their results is

• A)Phillips failed to account for the effect of rising marginal product on profitability.
• B)Conrad and Meyer had better data on slave prices.
• C)Conrad and Meyer used data from both northern and southern farms.
• D)Phillips assumed that cotton prices were falling during the antebellum period.

Explain the concept of promissory estoppel and its application.

Analyze contract modifications and their enforceability.

Discuss the importance of consideration in contract law.

Evaluate the validity of oral contracts and promises within employment.

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Definitions:

Minimum Wage

is the lowest legal hourly pay that employers can compensate workers, set by government legislation.

Compensation Level Policy

A strategic approach adopted by organizations to decide the pay levels for their employees, typically aiming to balance competitiveness with budget constraints.

Market Rates

The average or expected pay for a specific job role in the employment market.

Hybrid Compensation-Level Strategy

A remuneration approach that combines elements of both fixed salaries and variable pay based on performance.