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Doc Midterm Flashcard Quiz

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Questions and Answers

Which of the following is NOT a characteristic of a monopoly?

High barriers to entry for potential competitors

No close substitutes for the product or service

Price competition among multiple firms (correct)

Exclusive control over a product or service

Which of the following is NOT a factor that can lead to market failure?

Perfect competition (correct)

Externalities

Public goods

Imperfect information

Which of the following is NOT a function of money in an economy?

Store of value

Unit of account

Producer of goods (correct)

Medium of exchange

Doc Midterm Flashcard Quiz

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Questions and Answers

Which of the following is NOT a characteristic of a monopoly?

Which of the following is NOT a factor that can lead to market failure?

Which of the following is NOT a function of money in an economy?

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