With the Adoption of the U

question 14

Multiple Choice

With the adoption of the U.S. Constitution in 1787,

• A) importation of slaves was made illegal.
• B) importation of slaves was allowed, but only for the next 20 years.
• C) importation of slaves from the Caribbean was prohibited, but importation of African slaves was allowed.
• D) importation of slaves was allowed only on federally-approved vessels that met minimum crew sizes.

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Definitions:

Antitrust Laws

Legislation enacted to prevent monopolies or unfair business practices that restrict free competition, thereby protecting consumers and ensuring a fair market environment.

Natural Monopoly

A type of monopoly that exists due to the high cost or complexity of operating in a specific industry, which effectively prevents other competitors.

Monopoly Inefficiency

The loss of economic efficiency that occurs when a single firm controls the market, leading to higher prices and lower product quantity or quality than in competitive markets.

Perfect Price Discrimination

A market strategy where a seller charges each buyer their maximum willingness to pay, capturing the entire consumer surplus as profit.