All of the Following Statements About Southern Free Blacks Are

question 56

Multiple Choice

All of the following statements about southern free blacks are true EXCEPT:

• A) most were very poor
• B) some were slave owners themselves
• C) no women were among them
• D) some owned and operated businesses that served a white clientele
• E) they were still subject to racist legal restrictions not imposed upon whites

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and variables in the market are at a balance, with no external pressures causing change in the short term.

Economic Profit

A measure of profit that includes all costs, including both the explicit costs of inputs and the implicit costs of capital.

Short-Run Loss

A situation where a firm's total revenues are less than its total costs within a short period, not allowing all factors of production to vary.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and the economy or the firm is fully adjusted to economic conditions, with no excess demand or supply in any market.