An Attempt by a Firm to Create a Monopoly and Gain

question 137

Multiple Choice

An attempt by a firm to create a monopoly and gain the economic profit from the monopoly is called

• A) collusion.
• B) intrusion.
• C) profit seeking.
• D) rent seeking.

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Definitions:

Milgram Study

A psychological experiment conducted by Stanley Milgram which measured the willingness of study participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, often as a result of real or imagined group pressure.

Authority

The legitimate or socially approved use of power within a societal structure.

Ordinary People

Can denote everyday individuals who are not distinguished by official, remarkable, or celebrity status within society.