If a Series of Severe Storms in the Atlantic Ocean

question 19

Multiple Choice

If a series of severe storms in the Atlantic Ocean drastically significantly disrupted the slave transatlantic slave trade,which would most accurately describe the market for slaves in colonial America?

• A)The price of slaves would increase and the quantity of slaves would decrease.
• B)The price and quantity of slaves would increase.
• C)The price and quantity of slaves would decrease.
• D)The price of slaves would decrease and the quantity of slaves would increase.

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Definitions:

Demand

The capacity for purchasing goods or services that people demonstrate readiness and financial ability for, at diverse price levels, during a certain timeframe.

Law Of Demand

The economic principle stating that as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Income Increases

A situation wherein individuals or entities experience a rise in their earnings or profits over a certain period.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, in contrast to a normal good.