Congress Nearly Passed a Clause in the Ordinance of 1784

question 145

True/False

Congress nearly passed a clause in the Ordinance of 1784 that would have prohibited slavery throughout the West.

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Definitions:

Price-Control Legislation

Laws enacted by a government to regulate the prices charged for goods and services in the market, often to protect consumers.

Invisible Hand Principle

The tendency of market prices to direct individuals pursuing their own interests to engage in activities promoting the economic well-being of society.

Price-Taker Markets

Markets in which individual buyers or sellers have no influence over the price of a product, typically due to the product being a commodity with many competitors.

Low Entry Barriers

Conditions that make it easy for new competitors to enter a market, including minimal financial, regulatory, or technological requirements.