A Firm May Be Deemed a Monopolist, Even Though It

question 56

True/False

A firm may be deemed a monopolist, even though it is not the only seller in a market, because what matters is size in relation to the market.

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Definitions:

British Blockaded

Refers to historical instances where British naval forces imposed a blockade on enemy ports to restrict and control maritime traffic and goods.

Embargo Act

Legislation enacted by the U.S. Congress in 1807 prohibiting American ships from trading in all foreign ports, in response to British and French restrictions on U.S. trade.

Revolutionary War

Also known as the American Revolution, a conflict between thirteen American colonies and British rule from 1775 to 1783 that led to the colonies' independence.

Townshend Acts

1767 parliamentary measures (named for the chancellor of the Exchequer) that taxed tea and other commodities and established a Board of Customs Commissioners and colonial vice-admiralty courts.