The Bargain of 1877

question 24

Multiple Choice

The Bargain of 1877:

• A) allowed Samuel Tilden to become president.
• B) led to the appointment of a southerner as postmaster general.
• C) marked a compromise between Radical and Liberal Republicans.
• D) called for the passage of the Fifteenth Amendment.

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Definitions:

Monopolistically Competitive

A market structure where many firms sell products that are similar but slightly differentiated, allowing them some control over pricing.

Maximizing Profits

The process of adjusting production and sales strategies to generate the highest possible profit from business activities.

Economic Profit

The gap measured between comprehensive earnings and widespread costs, including both evident and implicit fees.

Fixed Costs

Costs that do not change with the level of output produced by a firm, such as rent, salaries, and insurance.