Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim ...

[Mr3Hunna]

Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim that slave breeding was a myth by arguing that any profit-maximizing slave owner would consider slave breeding as long as:
 
  (a) The expected rate of return from slave sales fell below the costs of rearing the slave to the age of sale.
  (b) Slavery was an irrational institution.
  (c) The expected rate of return from slave sales exceeded the costs of rearing the slave to the age
  of sale.
  (d) Slavery was an immoral institution.

Question 2

If the relative market price of producing cotton is more than the opportunity cost of producing it in the South,
 
  (a) the market price of cotton will fall in the long run.
  (b) producers will increase the supply of cotton in the long run.
  (c) resources will flow away from the production of cotton, causing the supply of it to decline with the passage of time.
  (d) the situation will remain unchanged as long as supply and demand remain in balance.

[mbcrismon]

Answer to Question 1

(c)

Answer to Question 2

(b)