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Identify and State the Historical Significance of the Following

question 86

Short Answer

Identify and state the historical significance of the following:
-Northwest Ordinance of 1787


Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, good, or service.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Gasoline

A volatile flammable liquid derived from crude oil or natural gas, used primarily as fuel in internal combustion engines.

Price Ceiling

a government-imposed limit on how high a price can be charged for a product, service, or commodity, typically to protect consumers from excessive costs.

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