The Development of the Carolina Colony Was Notable in That

question 13

Multiple Choice

The development of the Carolina colony was notable in that

• A)the colony was able to attract large numbers of settlers from nearby colonies.
• B)the northern and southern regions were economically and socially distinct from each other.
• C)its economy was grounded in tobacco production.
• D)its founders had discouraged the use of slaves.
• E)it advocated independence from England well before all other mainland colonies.

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Definitions:

Monopoly Position

A market structure characterized by a single seller who has exclusive control over a product or service, leading to limited consumer choice.

Average Total Costs

The total costs of production (fixed plus variable costs) divided by the total quantity of output produced, indicating the average cost per unit of product.

Perfect Competitor

A hypothetical firm in a market structure characterized by many sellers, selling homogeneous products, and having no control over the market price.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for the adjustment to changes in market conditions or demand.