The Year 2005 Marked an Important Step in the Relationship

question 3

Multiple Choice

The year 2005 marked an important step in the relationship between France and the European Union because

• A) French voters rejected a treaty to establish a constitution for the European Union.
• B) France adopted the common currency, the Euro.
• C) French citizens voted to withdraw from the European Union.
• D) it was the first time a French citizen became the president of the European Union.
• E) France announced it would no longer accept the rulings of the European Court of Justice.

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Definitions:

Market Power

The ability of a company or entity to control prices or exclude competition in a particular market.

Bid Rigging

An illegal agreement between parties to conspire to fix the outcomes of bidding processes to benefit all involved parties unfairly.

Predatory Pricing

The practice of selling a product or service at a very low price with the intent of driving competitors out of the market or creating barriers to entry for potential new competitors.

Meeting-The-Competition Defense

A legal defense allowing a business to justify certain behaviors, such as price fixing, by proving they were necessary to meet a competitor's prices.