Which of the Following Helps Explain the Prosperity of Southern

question 7

Multiple Choice

Which of the following helps explain the prosperity of southern plantations in the mid-nineteenth century?

• A) high prices for cotton on the world market
• B) acquisition of new territory by the United States
• C) continual importation of African slaves
• D) growing diversification in farming and production of natural resources

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Definitions:

Consumer Surplus

The discrepancy between the aggregate amount consumers are willing to expend on a good or service and the aggregate amount they really expend.

Total Revenues

The complete amount of income generated by a company through its various business activities.

Market Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output that producers are willing and able to sell at that price.

Acceptable Prices

Prices that consumers feel are fair for products or services, and are willing to pay.