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1. An important difference between a perfectly competitive firm and a monopolist is
a. the size of the firms.
b. the shape of the demand curve each faces.
c. the goals of the owners of the firms.
d. a monopolist normally produces a service, while a perfect competitor normally produces a good.
2. Which of the following would NOT be a barrier to entry for a particular market?
a. ownership of a patent
b. low cost of obtaining initial capital
c. the presence of economies of scale
d. government regulation
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