Match the Term with the Definition

question 25

Multiple Choice

Match the term with the definition.
-Proposal put forward in August 1846 to ban slavery in territory acquired from the Mexican-American War. It enjoyed widespread support in the North, but southerners saw it as an attack on their interests.

• A)"Bleeding Kansas"
• B)Compromise of 1850
• C)Confederate States of America
• D)Dred Scott decision
• E)free labor
• F)Fugitive Slave Act
• G)Kansas-Nebraska Act
• H)Lincoln-Douglas debates
• I)popular sovereignty
• J)Republican Party
• K)Uncle Tom's Cabin
• L)Wilmot Proviso

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Definitions:

Long Run

In economics, the long run refers to the period during which all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.

Minimum Price

A minimum price is a legally imposed threshold set above the equilibrium price, below which a certain good or service cannot be sold, often to protect producers.

Profitable Output

The level of production at which a business or economic activity yields the maximum profit.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to consumers in exchange for money.