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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 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?
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?
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
