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Earlier than the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. Throughout the war, one of Lincoln's first actions was to blockade the ports, which not permitted this trade. The South had to enhance its production of munitions and food.
1. In what did the South have a comparative benefit?
2. Did the Civil War change any opportunity costs in the South? Did the opportunity cost of everything increase? Or did items cost less?
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Q. Who permits government whatever it does? The simple answer can be: people in a democracy and the monarch/dictator in a monarchy/dictatorship. But neither monarchy exists in
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externalities produced by a monopolist
#questioi hour classn..
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