During the 1600s,coal Was Increasingly Used

question 24

Multiple Choice

During the 1600s,coal was increasingly used

• A) for refining sugar and salt.
• B) for lighting.
• C) for powering engines.
• D) in China in place of wood.

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Definitions:

Natural Monopoly

A market condition where due to high fixed costs or unique resources, a single firm can supply a good or service to an entire market at a lower cost than what two or more firms could.

Monopolist

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

Profits

The financial gain achieved when the revenue earned from business activities exceeds the expenses, costs, and taxes needed to sustain the activities.

Amtrak

The National Railroad Passenger Corporation, offering intercity passenger train service in the United States.