Which of the Following Was the Most Important Reason for the Massive

question 22

Multiple Choice

Which of the following was the most important reason for the massive growth of the African slave trade in the sixteenth century?

• A) the need to supply the mines of Peru with an abundant labor force
• B) the desire to develop the tobacco plantations of the New World
• C) intense labor needs created by the development of sugar growing in the New World
• D) the enormous growth in the African birth rate
• E) the European ability to obtain slaves in many West African areas

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Definitions:

Purely Competitive Seller

A seller in a perfectly competitive market where the product offered has no differentiation, and the seller is a price taker with no control over the market price.

MR = MC Output

The condition where Marginal Revenue (MR) equals Marginal Cost (MC) represents the profit-maximizing level of output for a firm.

Total Variable Costs

The sum of all costs that vary with output level in the short term.

Profit-maximizing Firm

A company that adjusts its production to achieve the highest possible profit based on its costs and the market demand.