It allowed for simpler and more efficient bill to law process, without having each body to pass a given bill separately.
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The right answer is the increase of agricultural output, the Ming dinasty ruled China for almost 300 years (1368-1644) and enjoyed stability and prosperity, reforming the government and making more efficient use of the land, one of the things that made this increase possible was taxes, what excludes the third option. As for the first option, Ming government persecuted to some extent Christian and Muslims communities, and for the fourth, Tokugawa was a dinastic government in Japan, not China.
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.
