After Five and a Half Years of Fighting, How Long

question 41

Multiple Choice

After five and a half years of fighting, how long did it take to negotiate peace and evacuate the British from its former colonies?

• A) One month
• B) Nine months
• C) Two years
• D) Five years

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Definitions:

Ceiling Prices

Maximum prices set by the government on certain goods and services to prevent excessive pricing during shortages or inflationary periods.

Rationing Function

The ability of market prices to distribute scarce goods and services among consumers based on willingness and ability to pay.

Marginal Utility

Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service, which tends to decrease as more units are consumed.

Individual Demand

This refers to the quantity of a good or service that a single consumer is willing and able to purchase at various prices, holding other factors constant.