The Missouri Compromise—also referred to as the Compromise of 1820—was an agreement between the pro- and anti-slavery factions regulating slavery in the western territories. It prohibited slavery in new states north of the border of the Arkansas territory, excluding Missouri.
Answer:
Proposing the Ninety-Five Theses
Explanation:
The Ninety-Five Theses were a series of propositions for debating issues concerning "indulgences". This document helped shaping and launching Reformation. The Ninety-Five Theses was originally written in Latin in 1517. The Theses nominated two fundamental beliefs:
* The Bible was the core religious authority
* Humans may achieve salvation only by faith, not by deed.
The intersection between the supply curve (an upward sloping function) and the demand curve (a downwardsloping function) determines the equilibrium point of a market. The equilibrium is the point which represents the exact market price and quantity demanded/supplied at which the wishes of consumers and suppliers meet.
<u>When the market is not in the equilibrium point</u>, two different situations could be happening:
- Excess demand: this is a situation in which the market price is located below the equilibrium price. The quantity demanded at that market price would exceed the amount that the producers are willing to produce and supply at that same price. Therefore, not all consumers are able to obtain the product they desire and there is rationing.
- Excess supply: at a certain price located above the equilibrium, the quantity that suppliers are willing to produce exceeds the amount demanded by consumers at that more expensive price. Therefore, suppliers would not be able to sell their whole production in the market.
