Los Angeles Was Originally Established in 1781 as a

question 17

Multiple Choice

Los Angeles was originally established in 1781 as a

• A)residence for the viceroy of California.
• B)pueblo.
• C)mission
• D)presidio.

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Definitions:

Monopolist

A single seller in a market who has significant market power and can influence the price and quantity of goods or services.

AC

Average Cost; the total cost of production divided by the quantity produced, indicating the cost per unit of output.

Monopoly

An economic situation where a sole seller dominates the market by providing a product that has no closely comparable substitutes.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price level and period.