Diversity of Citizenship Exists When the Parties to a Lawsuit

question 37

Short Answer

Diversity of citizenship exists when the parties to a lawsuit are from different states and wish to have their case tried in a(n) ____________________ court.

---

Definitions:

Factor Markets

Markets where services of the factors of production (labor, capital, land) are bought and sold.

Oligopolies

Market structures dominated by a small number of large firms, leading to competition that is less than in perfectly competitive markets but more than in monopolistic scenarios.

Factor Market

The marketplace for services of the factors of production (labor, capital, land, and entrepreneurship) where factors are bought and sold.

Price Takers

Individuals or companies who accept the prevailing prices in the market of their products without having the ability to influence them.