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Chapter 24: Q. aFCT (page 538)

Who gained from passage of the New Jersey law? Explain briefiy.

Short Answer

Expert verified

It failed to specify an amendment procedure and had to get replaced entirely in a very Constitutional Convention.

Step by step solution

01

Introduction

New Jersey'sDelaware constitution was adopted on July 2, 1776. The American Revolutionary War was underway andPresident of the United States had recently been defeated inbig apple, putting New Jersey in imminent danger of invasion. With Patriot and Tory factions plotting and battlingone another, New Jersey was a state at war and was nearly a state atwar.

02

Given Information

Its primary objective wasto produce a basic governmental frameworkthat may preempt New Jersey'srepresent anarchy, yet the constitution servedbecause the charter document for the state's government forthe subsequent 68 years.

03

Explanation

Among other provisions, it granted unmarried women and blacks who met property requirementsthe proper to vote. Itfailed to specify an amendment procedure and had toget replaced entirelyin a very Constitutional Convention.

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Most popular questions from this chapter

Currently, a monopolist's profit-maximizing output is 200units per week. It sells its output at a price of \(60per unit and collects \)30 per unit in revenues from the sale of the last unit produced each week. The firm's total costs each week are $9,000. Given this information, what are the firm's maximized weekly economic profits and its marginal cost?

Suppose that initially the data in Problem 24-17 apply, but then an increase in fixed costs occurs. As a result, the ATC curve in Figures 24-6 shifts upward. Consequently, the average total cost of producing 9.5 units of output rises to $5 per unit. Does the monopolist's profit-maximizing weekly output rise, fall, or remain the same? What is the new amount of maximized weekly economic profits?

Consider the revenue and cost conditions for a monopolist that are depicted in the following figure.

a. If price exceeds AVC, what is this producer's profit-maximizing (or loss-minimizing) output?

b. What are the firms economic profits (or losses)?

Suppose that in Figure 24-4, the monopolist knows that if it were to reduce the price of its product to $5.40 per unit, the quantity demanded-and hence its output-would rise to 13 units per week. What would be the marginal revenue that the monopolist would derive from producing and selling the 13th unit?

How does the act of forbidding competitors such as Andria and Zoey from selling cold drinks on the street affect the prices that legally licensed sellers can obtain for their cold drinks?
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