A Firm That Has a Great Deal of Control Over

question 163

Multiple Choice

A firm that has a great deal of control over the price of a good is said

• A) to function in a black market.
• B) to create an externality.
• C) to have monopoly power.
• D) to be in an antitrust position.

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Definitions:

President Buchanan

James Buchanan, the 15th President of the United States (1857-1861), whose administration immediately preceded the American Civil War.

Executive Power

The authority held by the executive branch of a government, responsible for implementing and enforcing laws and policies.

Trans-Continental Railroad

A railway system extending across a continent; in the U.S., it primarily refers to the railroad that linked the East and West coasts in 1869.

Congressional Approval

The act of validating, endorsing, or passing legislation or other measures by a legislative body, particularly the United States Congress.