In the Middle of the Mountains in Northern BC, There

question 53

Multiple Choice

In the middle of the mountains in northern BC, there are five service stations competing for all the business that exists in this isolated location. When one service station lowers its price on gas, all must follow suit. These service stations are operating in which type of market structure?

• A) oligopoly
• B) monopoly
• C) perfect competition
• D) imperfect competition

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Definitions:

U.S. Supreme Court

The highest federal court in the United States, with ultimate judicial authority to interpret and enforce federal laws, including the Constitution.

Congress

The legislative body of the United States government, composed of the House of Representatives and the Senate, responsible for making federal laws.

Citizenship

The status of being a citizen, including the rights, duties, and privileges that status entails.

Dred Scott

An enslaved African American man who sued for his freedom in a landmark case, Dred Scott v. Sandford (1857), leading to a controversial Supreme Court decision that increased tensions leading up to the Civil War.