Louisiana established by France during the 1600s. French began to settle in the region, especially along the Mississippi River. It quickly became a major trade port for the territory as goods traveled down the Mississippi River. France established its colony because it wanted to gain wealth through trading with the Native American. French and Native Americans had a peaceful relationship where they signed treaties which helped French traders in relied on them for survival and fur trade.
At the equilibrium price and quantity, there is neither a surplus nor a shortage of the product. How does price affect a seller's decision to produce a product? If the price consumers are willing to pay for a product is high, producers will produce more of that product.
