One of the Functions of Money Comes from the Use

question 50

Multiple Choice

One of the functions of money comes from the use of money to transfer purchasing power to the future. This is called:

• A) medium of exchange
• B) unit of account
• C) store of value
• D) measure of liquidity

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Definitions:

Monopolist

A solo producer or seller in a market who has significant control over the pricing and availability of a product or service, with no direct competition.

Barriers To Entry

Economic or legal obstacles that prevent new competitors from easily entering an industry or area of business.

Product Substitutes

Goods or services that can be used in place of each other, where the increase in the price of one leads to an increase in demand for the other.

Oligopolists

Firms that are part of an oligopoly, a market structure characterized by a few companies dominating the market.