Consider the Following Characteristics of a Particular Industry: - the Firms

question 58

Multiple Choice

Consider the following characteristics of a particular industry: - the firms in the industry are maximizing their joint profits
- entry of new firms is restricted
This industry is likely to be

• A)a monopoly.
• B)one where each firm has limited market power.
• C)monopolistically competitive.
• D)perfectly competitive.
• E)a cartel.

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Definitions:

Shays's Rebellion

A revolt carried out by American farmers in 1786-1787 against the execution of tax collections and debt judgments by state and local officials.

Thomas Jefferson

The third President of the United States (1801–1809), author of the Declaration of Independence, and a founding father known for his promotion of the ideals of republicanism in the United States.

Massachusetts

A state in the northeastern United States, significant for being one of the original thirteen colonies and a site of early European settlement, and later, important historical events such as the Boston Tea Party and the American Revolution.

Empire Of Liberty

The idea, expressed by Jefferson, that the United States would not rule its new territories as colonies, but rather would eventually admit them as full member states.