The Group Most Adversely Affected by the Passage of the Sugar

question 11

Multiple Choice

The group most adversely affected by the passage of the Sugar Act (1764) were

• A)Virginia planters.
• B)New England merchants.
• C)Pennsylvania farmers.
• D)New York manorial lords.
• E)backcountry traders.

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Definitions:

Price Elasticity

Price elasticity measures how much the quantity demanded of a good responds to a change in its price, indicating how changes in price influence consumer purchasing behavior.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers.

Inelastic Demand

A situation where the demand for a good or service is relatively unresponsive to changes in price.

Total Revenue

The total income received by a firm from sales of its products or services.