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hopeth this helpeth you
Answer:
Among the options below the correct answer is option C.
forced China to accept unfavorable trade terms with Western nations.
Explanation: The Opium war had changed the trade balance between China and the Western nations. Before the Opium War Chinese economy was the largest in the world. The war matured as the Chinese emperor ordered many decree on prohibiting Opium in China and forcing British and American Opium merchants to leave their warehouse in Canton.
After this in 1840 British sent their troops with gunboat for response and a series of war took place in 1839-1842 between the British force and Chinese Imperial army. But the Chinese army were defeated and agreed to the Treaty of Nanjing in 1843.
On the treaty China agreed to cede Hong Kong to Britain, open five ports for British trade. abolish the Cohong trade system. Moreover they paid $21 million as indemnity.
All of these terms on the treaty went in the favor of Britain and China fulfilled the terms as the defeated side.
Therefore, it can be said that the Opium war forced China to accept Unfavorable trade terms with Western nations.
The economy operates according to the law of supply and demand for goods and services. According to this theory, the interaction between supply and demand for a good or service fits and the vector of adjustment is price.
If the price is high, there is more supply than demand. If the price is low, there is more demand than supply. If demand increases, price increases and supply increases. If demand falls, the price falls. That is, the price makes the interaction. There will be a moment where the quantity offered is exactly equal to the quantity demanded, at which point the price practiced is the equilibrium price.
So if an economy is in equilibrium at a time and then the price charged is higher than the equilibrium price, it means that demand has gotten higher than supply.
<u>However, none of the alternatives would explain why a price is charged above the equilibrium price.</u> <u>The answer is the reverse of what is written in alternative (A)</u>. The truth is this: As the quantity demanded rises, the price rises above the equilibrium price. <u>This is the answer</u>.
The alternative (B) is true, although it does not answer the question of the problem. If prices rise, demand falls. This is because the high price discourages consumption.
BTW, I'm an economist and I'm sure.
