Over the Course of the 17^th Century, Most Indentured Servants

question 64

Multiple Choice

Over the course of the 17^th century, most indentured servants

• A) became landowners.
• B) devolved into slavery.
• C) managed to escape the terms of their contracts.
• D) faced increasingly harsh circumstances.
• E) saw their wages increase.

---

Definitions:

Price Elasticity

An assessment of demand's elasticity regarding the pricing changes of a specific product.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices, holding all else constant.

Cost Function

An equation that calculates the total cost incurred by a company to produce a specific quantity of a good or service.

Long-run Equilibrium

A market condition where all factors of production and inputs can be varied, allowing firms to enter or exit the market, ultimately resulting in no economic profit for any firm.