According to Mercantilist Theory,the Main Benefit Colonies Brought the Mother

question 47

Multiple Choice

According to mercantilist theory,the main benefit colonies brought the mother country was

• A)economic.
• B)social.
• C)political.
• D)intellectual.
• E)military.

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Definitions:

Elastic Demand

A situation in which the demand for a product or service significantly changes in response to a change in its price.

Elasticity of Demand

A measure of how responsive the quantity demanded of a good or service is to a change in its price.

Total Revenue

The total income received by a firm from the sale of its goods or services before any costs or expenses are deducted.

Elasticities

Indicators that show the sensitivity of the demand or supply of a product to variations in its price, income levels, or other relevant elements.