The Sugar Act, also known as the American Revenue Act, was a revenue-raising act passed by the British Parliament of Great Britain in April of 1764. The earlier Molasses Act of 1733, which had imposed a tax of six pence per gallon of molasses, had never been effectively collected due to colonial resistance and evasion.
It ended the period that was known as salutary neglect period. This was a period in which the British crown did not enforce its parliamentary decisions on the colonies, and in return the colonies were obedient. When the two acts were passed, the began getting enforced and people disliked this.
Answer: The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls.
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