The Repartimiento

question 31

Multiple Choice

The repartimiento

• A)gave workers the right not to work in mines.
• B)punished Spanish officials who abused workers.
• C)imprisoned any Amerindian who would not convert.
• D)did nothing to alleviate labor abuses.
• E)eliminated the import of African labor.

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Definitions:

Economic Profits

The surplus left to a business after deducting all costs, including opportunity costs, from its total revenues.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, which allows for a degree of market power and product differentiation.

Maximizes Profits

The process or strategy by which a firm adjusts its production and pricing to achieve the highest possible profit margins.

Monopolistic Competition

A sector characterized by a vast number of entities offering goods that resemble each other but are not exact duplicates, allowing for limited market authority.