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Answer:
Fugitive Slave Act
<h3>
What effect did the Fugitive Slave Act have?</h3>
- The law required citizens to help find slaves who had escaped, and if they refused or helped a fugitive escape, they could be fined and prosecuted.
- The act also made the federal government responsible for finding, returning, and trying escaped slaves.
- The Fugitive Slave Law. Hartford, Connecticut, 1850.
- This controversial law allowed slave hunters to seize alleged fugitive slaves without due process of law and prohibited anyone from aiding escaped fugitives or obstructing their recovery.
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While the economies of most Asian countries can be characterized as developing, there is enormous variation among them. The continent contains one of the world’s most economically developed countries, Japan, and several that are impoverished, such as Afghanistan, Cambodia, and Nepal. This variation has a regional dimension. Most of the countries of Southwest Asia fall within one of the middle-income categories as defined by the World Bank. Exceptions are Israel and the Persian Gulf states of Kuwait, Qatar, and the United Arab Emirates, which are considered high-income. Most of the countries of North and Central Asia fall within the low-income category, except Russia (Siberia), Kazakhstan, and Uzbekistan, all considered lower-middle-income. Likewise, all the countries of South Asia are considered low-income, apart from lower-middle-income Sri Lanka. Except for China and North Korea, which are considered low-income, East Asia is the most prosperous part of the continent. Most countries in this region are considered upper-middle-income, and Japan is considered high-income. China, which has experienced dramatic rates of economic growth since the late 20th century, may be poised to achieve lower-middle-income status. Many of the countries of Southeast Asia have likewise achieved high rates of growth and have moved into one of the middle-income categories or even, in the case of Singapore and Brunei, into the high-income category. Exceptions are Myanmar (Burma), Laos, Cambodia, and Vietnam, which remain within the low-income group.
When markets fail to clear and achieve their final equilibrium point, they are said to be in disequilibrium. Disequilibrium might develop if the price was lower than the market equilibrium price, causing demand to exceed supply, resulting in a shortage. Government regulations, non-profit maximization actions, and 'sticky' prices can all cause disequilibrium. The demand (Q1) is greater than the supply (P1) at a price of P1 (Q3). As consumers try to get the limited supply, this disequilibrium will result in a shortage (Q1-Q3) and long lines. In a free market, you'd expect businesses to deal with this imbalance by raising prices to ration demand.
Causes of disequilibrium
- Sticky prices: Firms may be committed to maintaining the same price for the entire year. As a result, if demand rises over the season, there will be a shortage because the company does not want to continuously changing pricing — especially when demand is erratic. There are menu costs in adjusting pricing, but they can also upset customers by raising prices constantly.
- Social factors: Firms may intentionally keep prices low because they believe they have an obligation to the community - for example, landlords not raising rent, or football teams not raising ticket costs.
- Non-profit maximizing decisions: Individuals are assumed to be rational and endeavor to maximize utility in economics. Other forces, though, are at play in the real world. Ub3r, for example, uses 'surge pricing,' which allows the price to climb in response to high demand, encouraging more drivers to work. However, this might mean that in the event of a natural disaster, Uber appears to be profiting from 'unfairly high' costs. Uber's algorithms have been adjusted to override these equilibrium prices.
- Government controls: ex maximum or minimum prices or government regulating prices, ex train tickets limited by rail regulators.
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Price above equilibrium</h2>
In other circumstances, the price may be set higher than the equilibrium price, resulting in a surplus of supply. At P2, supply exceeds demand, implying that businesses have surplus inventory they can't sell. There is a Q3-Q2 surplus. In a free market, the market price should fall to P1, where demand equals supply.
