A natural monopoly is defined by the ability of one firm to supply the entire market at lower costs than any potential competitors.

Match the market behavior to its description.

Collusion leads to higher prices for consumers and can increase profits for the firms involved.

What is a key characteristic of monopolistic competition?

According to Luther, the only way to receive the “Word of God” is through ______.

Erasmus taught that the true purpose of the Christian life was to _____ Christ.

Bonus from lecture notes.  The German peasants revolted in 1525 because they _____.

Editors’ introduction.  Unlike medieval theologians, Renaissance scholars did not assimilate the ideas and philosophies of classical authors into a Christian framework; rather they valued them for ______ .

Bonus from lecture notes.  With the Ninety-five Theses, Luther intended to launch a major reform of the entire Catholic Church.

If a prince wishes to remain in power, Machiavelli counseled that he must “learn how not to be ____.”