When One Firm Is in a Commanding Position in an Industry

question 1

Multiple Choice

When one firm is in a commanding position in an industry, it is a(n) :

• A) low-trust system
• B) high-trust system
• C) monopoly
• D) oligopoly

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Definitions:

Checking Account

A bank account that allows the holder to write checks, use electronic debit, and make deposits, meant for frequent transactions.

Improperly Dishonors

Refers to the situation where a financial institution wrongfully refuses to accept a valid check or draft presented for payment.

Drawer

In banking, the person who writes or creates a check or draft instructing the bank to pay the stated amount to a third party.

Recourse

The legal right to demand a penalty, compensation, or satisfaction for a harm or loss.