The Navigation Acts:
a. placed tariffs on the import of British goods by the colonies.
b. prohibited trade between the British West Indies and the colonies.
c. allowed colonial trade on British ships commanded by foreign captains.
d. encouraged trade between the colonies and the Dutch.
e. None of the above is correct.
c. allowed colonial trade on British ships commanded by foreign captains.
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A profit-maximizing firm will hire additional units of labor until
A) the additional cost of hiring the last worker equals the additional revenue generated by that worker. B) the additional cost of hiring the last worker equals the marginal factor cost of the worker. C) the extra revenue from hiring the last worker equals the marginal physical product of labor. D) the extra cost from hiring the last worker equals the cost of the product.
When the demand curve shifts to the right and supply doesn't change:
A. supply will rise. B. equilibrium quantity will rise. C. equilibrium price will fall. D. quantity demanded will rise.