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No, I do not think that the Merchant of Venice was a suitable title because the story throws light on racial discrimination of Antonio, revenge of Shylock, foolishness of Bassanio and cleverness of Portia. Moreover the story revolves mainly around these characters and saying merchant of Venice whose not be appropriate as there were numerous merchants in Venice and not only one(Antonio). Whenever a new reader would read the title of the book he/she would think it refers to the story of voyage and the life of some merchants but however the story is just completely antithesis of the title provided by Shakespeare. 
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Yes it is an appropriate title because here we are coming across a story of Antonio the merchant of Venice..His life, his friends , his foes , his likes and dislikes and his enmity with Shylock and its results
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