Which State Would Have Been Pleased by Both the New

question 139

Multiple Choice

Which state would have been pleased by both the New Jersey Plan and the three-fifths clause?

• A) Massachusetts.
• B) Connecticut.
• C) New Jersey.
• D) Virginia.
• E) Georgia.

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Definitions:

Inelastic Nature

A characteristic of a good or service for which the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.

Monopolistic Markets

Markets dominated by a single seller, with no close substitutes for the product or service, leading to less competition and higher prices.

Oligopolistic Markets

Markets characterized by a few large producers that have the ability to influence prices, but must consider the actions of their rivals.

Minimum Efficient Scale

The lowest level of output at which a firm can minimize long-run average total cost.