Why Did Radical Patriots in the Colonies Object to the Tea

question 39

Multiple Choice

Why did radical Patriots in the colonies object to the Tea Act of 1773?

• A) It threatened to bankrupt most colonial tea merchants.
• B) They saw it as a bribe to eliminate colonial tax resistance.
• C) The law favored English tea over Dutch tea,which they preferred.
• D) Parliament enacted it without consulting the colonies first.

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Definitions:

Long-run Equilibrium

A state where all factors of production in an economy are utilized efficiently, market supply equals demand, and no economic forces are pushing for change.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing excess revenue over the opportunity cost of resources employed.

Competitive Equilibrium

A state in a market where supply equals demand, leading to an optimal distribution of goods and services among participants.

Constant-cost Industries

Industries where the costs of production do not change significantly with an increase or decrease in the quantity produced.