The Declaratory Act of 1766

question 85

Multiple Choice

The Declaratory Act of 1766:

• A) required Americans to declare loyalty to the Crown
• B) recognized the principle of "no taxation without representation"
• C) repealed all prior British taxes
• D) reasserted the government's right to tax the colonists
• E) gave Americans some seats in Parliament

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Definitions:

Profits

The financial gains attained when the revenues from business activities exceed the expenses, costs, and taxes needed to sustain them.

Lowering Price

The act of reducing the cost at which goods or services are sold, often to attract more customers or match competitors' offers.

Pure Monopolist

A single seller in a market with no close substitutes for the product, giving the seller complete control over price.

Maximize Profit

The process by which a company determines the optimal output and pricing to achieve the highest possible financial gain.