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Doc Midterm Flashcard Quiz
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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

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