The Crop-Lien System

question 18

Multiple Choice

The crop-lien system:

• A) applied only to African-American farmers.
• B) became better as farm prices increased in the 1870s.
• C) enabled yeoman farmers to continue to function under the same system as before the Civil War.
• D) annoyed bankers and merchants who resented how it made them dependent on farmers.
• E) kept many sharecroppers in a state of constant debt and poverty.

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Definitions:

Nash Equilibrium

A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged, representing a state of mutual best responses.

Expected Payoff

The anticipated return from an investment, considering all potential outcomes and their probabilities.

Sequential Game

A type of game in game theory where players make their moves one after another, with knowledge of the previous players' moves.

Incumbent Monopoly

A monopoly status characterized by a dominant player having a major share of the market, often resulting from having established infrastructure and customer base.