When Nathaniel Bacon Was Elected to the Virginia Assembly, William

question 116

Multiple Choice

When Nathaniel Bacon was elected to the Virginia assembly, William Berkeley

• A)had him arrested.
• B)welcomed him as a hero.
• C)had him killed.
• D)refused to allow him to take his seat.
• E)dissolved the local political system.

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Definitions:

Positive Economic Profits

Earnings that exceed the total costs, including both the explicit and implicit costs of a business.

Expand

To increase the scale, scope, or size of something, often used in the context of business growth or economic expansion.

Increasing-cost Industry

An industry in which production costs increase as output expands, often due to scarce resources or rising input prices.

Long-run Equilibrium

The condition in which all factors of production can be adjusted, leading to a situation where no firm in the industry wishes to change its output.